A federally operated instant payment rail
Cross River is an early adopter of FedNow®, an instant payment rail operated by the Federal Reserve.
Real-time processing for payment transactions, anytime, anywhere across the US.
With FedNow®, users receive real-time confirmations for all real-time transactions.
Expanding access to faster payments
FedNow® creates a bigger opportunity for reach and adoption, benefiting untapped consumers and businesses.
E- commerce payments
Does FedNow® have any transaction limits? Yes, FedNow® will launch with a credit transaction limit of $500,000.
Is FedNow® replacing RTP®? FedNow® and RTP® are operated by two distinct entities and are not meant to replace on another, but rather, provide customers with more options to transact instantly.
How does settlement differ between FedNow® and RTP®? While both payment rails settle funds instantly at accounts held at the Fed, FedNow® transactions settle in the debtor's and creditor's master account, while funds sent via RTP® settle between the debtor's and creditor's positions in a separate join account.