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5:00Real-Time Payment Rails: FedNow, Faster Payments, UPI, Pix
Four countries built "money in three seconds" — and four different machines underneath. The customer experience is identical; the plumbing, the settlement risk, and who holds the cash overnight are not.
Real-time payment rails are credit-push systems: the payer's bank *pushes* funds to the payee's bank, the money is irrevocable and available within seconds, and the service runs 24/7/365 with no batch cut-off. That single sentence describes FedNow, the UK's Faster Payments Service (FPS), India's UPI, and Brazil's Pix alike. The differences hide one layer down, in *how and when the central bank's books actually move*.
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