FedNow is probably more similar to TIPS, which has been running in the euro area banks since 2018, building on SEPA instant credit transfer. https://www.ecb.eur

FedNow is probably more similar to TIPS, which has been running in the euro area banks since 2018, building on SEPA instant credit transfer. https://www.ecb.europa.eu/paym/target/tips/html/index.en.html https://www.ecb.europa.eu/paym/target/tips/html/index.en.htm... Anyone with an euro bank account is probably using TIPS in some fashion. In most cases, you can send a bank transfer anywhere in the euro area within 10 seconds for zero fees. Some banks may charge an extra fee on the sending side, and the receiving side might be a bit slower (in which case the payment might take a few hours to show up or act like a normal bank transfer). It's also used by merchants like Amazon or payment systems like PayPal to reduce fees on their payments.