FedNow, a Federal Reserve fast payment service, lets Americans pay businesses, suppliers, and products quickly.

The service will link institutions for fast payments with a $100,000 initial transaction limit and a $500,000 customer credit transaction limit.

Venmo, unlike FedNow, requires balances instead of direct bank account transfers.

It allows businesses and people to get paychecks and access invoiced monies.

The Fed wants more banks to use FedNow for payment processing, but banks are not obligated to.

The program should help consumers and small businesses manage cash flows without delays.

FedNow’s quick check clearance might reduce payday loans and make consumer payments more affordable and reliable. Over 150,000 firms use The Clearing House’s 2017 Real-Time Payments (RTP).