FedNow (Federal Reserve)
infrastructureMoney & Finance
The Fed built an instant-payment pipe, and a crypto company is now trying to plug straight into it.
Who they are
FedNow, the U.S. Federal Reserve's instant-payment system, launched in July 2023.
What they do
It moves everyday retail payments in real time, using a modern global messaging standard from day one.
How it works
It is separate from Fedwire (which handles big wholesale transfers); FedNow targets small, instant retail payments. In 2026 the company Ripple applied for a Federal Reserve master account to get direct access to it.
Why it matters
Whoever gets to plug directly into the government's payment rails gains a powerful position, so a crypto firm seeking that access is a notable move.
The engine's record — word for word
US Federal Reserve real-time payments rail launched July 2023. Native ISO 20022 architecture from inception. Distinct from Fedwire (wholesale) — FedNow targets retail / instant payments. Ripple applied for Federal Reserve master account in 2026 seeking direct FedNow access.
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