Last reviewed: · Curated by Ohmyfin Organisation editorial.
FedNow is the US instant-payment rail launched by the Federal Reserve in July 2023. It moves USD between US bank accounts in seconds, 24/7/365. SWIFT is the global messaging network for cross-border wires.
Details
FedNow is US-domestic, USD-only, instant, irrevocable, and capped at $500,000 per transfer (the cap was raised from $100k in early 2024).
SWIFT covers international corridors in any currency. SWIFT GPI brings same-day settlement and UETR tracking to most G20 routes, but it is not 24/7 — it depends on each currency's domestic RTGS.
For US-domestic instant USD, use FedNow or RTP. For cross-border, use SWIFT.
At-a-glance comparison
SWIFT vs FedNow — side-by-side comparison
SWIFT
FedNow
Geography
Global
US only
Currency
Any
USD only
Speed
Same-day GPI
<20 seconds
Limit
No upper limit
$500,000
Hours
Per-RTGS schedule
24/7/365
Finality
Final at settlement
Irrevocable
Tracking
UETR
FedNow payment ID
Key facts
FedNow: US domestic, USD, instant, $500k cap, 24/7
SWIFT: international, any currency, business-day clearing
RTP (TCH Real-Time Payments) is the private-sector US equivalent
Neither FedNow nor RTP issues a UETR; tracking is via the rail's own ID
Frequently asked questions
Can FedNow do cross-border?
Not directly. Cross-border still uses SWIFT for the messaging.
Related — more from payment system comparisons and beyond
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