Settlement
FedNow
US Federal Reserve real-time payments service launched 2023, competing with TCH RTP for instant credit push at up to USD 500,000.
Related terms
RTP (The Clearing House)
US real-time payment rail run by The Clearing House; instant, credit-push only, USD 1 million limit, with growing merchant use for payouts.
ACH (Automated Clearing House)
US batch bank-transfer system for debits and credits, settling in one to three business days at very low per-transaction cost.
Faster Payments
UK real-time bank transfer scheme (24/7, up to GBP 1 million per payment) used for payouts, Open Banking payment initiation, and Pay by Bank flows.
Related guides.
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