United States vs Sweden · Real-time payment systems compared
| Capability | FedNow | Swish |
|---|---|---|
| QR Code Payments | — | ✓ |
| Wallet Support | — | ✓ |
| 24/7 Availability | ✓ | ✓ |
| Cross-Border | — | — |
| ISO 20022 | ✓ | ✓ |
| Request to Pay | ✓ | ✓ |
| Open API | ✓ | ✓ |
| Alias/Proxy | — | ✓ |
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.
Sweden's dominant mobile payment app used by 8M+ people (in a country of 10.5M) for P2P transfers, in-store payments, and e-commerce. Swish transactions clear through the Bankgirot Immediate Payments (BIR) real-time clearing system. Founded by six major Swedish banks, Swish has been a key driver of Sweden's shift toward a nearly cashless society. Payments are initiated via phone number and settle instantly, with merchant payments supported via QR codes and Swish for Business.