Bahrain vs United States · Real-time payment systems compared
| Capability | Fawri+ | FedNow |
|---|---|---|
| QR Code Payments | ◐ | — |
| Wallet Support | ◐ | — |
| 24/7 Availability | ✓ | ✓ |
| Cross-Border | — | — |
| ISO 20022 | ✓ | ✓ |
| Request to Pay | — | ✓ |
| Open API | — | ✓ |
| Alias/Proxy | ◐ | — |
Bahrain's instant payment service operated by BENEFIT Company (the national payment network) under Central Bank of Bahrain oversight. Fawri+ enables 24/7 real-time domestic transfers between banks in seconds, complementing the existing Fawri (next-day) service. Bahrain was an early adopter of instant payments in the Gulf region, and BENEFIT also operates BenefitPay, a mobile wallet app linked to Fawri+ for QR and P2P payments. The system connects all retail banks in the kingdom.
The Federal Reserve's instant payment service enabling US banks and credit unions to send and receive payments in seconds, 24/7/365. Launched in July 2023, FedNow is the first new Fed payment rail in 50 years and aims to democratise instant payments by giving all 10,000+ US depository institutions direct access (unlike the private-sector RTP). Supports credit transfers up to $500K with plans to add request-for-payment and other features. Note: FedNow shows extreme growth rates as it scales from a low base — value jumped 35x in Q3 2024 as larger institutions onboarded, which is typical for newly launched payment systems.