My understanding is that FedNow is the protocol layer. Interested financial institutions will use FedNow to build their own customer-facing applications, and th

My understanding is that FedNow is the protocol layer. Interested financial institutions will use FedNow to build their own customer-facing applications, and they will be interoperable with each other. This means you don't need Zelle, Venmo, Cash app, etc. You can simply use your bank's implementation of FedNow, to easily send money to any other user in the system. That is a fantastic step forward. Several other countries have implemented country-wide instant payment platforms (e.g. Pix in Brazil [1]), but the US was still lagging behind. [1] https://en.wikipedia.org/wiki/Pix_(payment_system) https://en.wikipedia.org/wiki/Pix_(payment_system)