> ## Documentation Index
> Fetch the complete documentation index at: https://developer.tazapay.com/llms.txt
> Use this file to discover all available pages before exploring further.

# FedNow (Coming Soon)

FedNow is operated by the Federal Reserve and launched in July 2023. It enables instant, irrevocable credit transfers between participating financial institutions, available 24/7/365. FedNow provides a federally operated instant payment rail alongside RTP, expanding the reach of real-time payments across US financial institutions.

## B2B and B2C

| **Field**                                             | **Details**                                                                                                                                                                                                                                    |
| ----------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Supported Modes**                                   | B2B, B2C                                                                                                                                                                                                                                       |
| **Supported Currencies**                              | USD                                                                                                                                                                                                                                            |
| **Network Participant**                               | FedNow (Federal Reserve)                                                                                                                                                                                                                       |
| **Channels**                                          | US banks and credit unions participating in the FedNow network                                                                                                                                                                                 |
| **Cutoff for Initiating Payout**                      | No cutoff — 24/7/365                                                                                                                                                                                                                           |
| **Mandatory Data Requirements for Merchant / Entity** | Business: Registration Name, Type, Registration number, Registration date, Registration address, Email, Phone number. UBO: First name, Last name, ID (National ID / Passport), Date of birth, Ownership %, Roles, Address, Phone number, Email |
| **Mandatory Data Requirements for Beneficiary**       | Account holder name (as per bank account), Account number, Bank name, ABA code                                                                                                                                                                 |
| **Beneficiary Statement Narrative**                   | Ultimate Remitter name + memo / transaction description field (not guaranteed — subject to recipient bank)                                                                                                                                     |
| **Limits**                                            | 10,000,000 USD per transaction                                                                                                                                                                                                                 |
| **Settlement Time**                                   | Real time                                                                                                                                                                                                                                      |
| **Rail Availability**                                 | 24/7/365                                                                                                                                                                                                                                       |

## Mandatory Data Fields Reference

The following fields are required for merchant payout initiation.

### Merchant / Entity Requirements

#### Entity

| **Field**                | **Description**                             |
| ------------------------ | ------------------------------------------- |
| **name**                 | Legal entity name                           |
| **type**                 | e.g. Company, LLP etc                       |
| **Registration number**  | Company registration / incorporation number |
| **Registration date**    | Date of incorporation                       |
| **Registration address** | Registered address of the entity            |
| **Email**                | Entity contact email                        |
| **Phone number**         | Entity contact phone number                 |

#### UBO (Ultimate Beneficial Owner)

| **Field**                 | **Description**                               |
| ------------------------- | --------------------------------------------- |
| **first\_name**           | UBO first name                                |
| **last\_name**            | UBO last name                                 |
| **ID**                    | National ID or Passport number                |
| **date\_of\_birth**       | Format: DD-MM-YYYY                            |
| **ownership\_percentage** | Ownership stake held by this UBO              |
| **roles**                 | e.g. director, shareholder, beneficial\_owner |
| **Address**               | UBO residential address                       |
| **Phone number**          | UBO contact phone                             |
| **Email**                 | UBO contact email                             |

### Beneficiary Requirements

| **Field**               | **Description**                                        |
| ----------------------- | ------------------------------------------------------ |
| **Account holder name** | Name as it appears on the bank account                 |
| **Account number**      | US bank account number                                 |
| **Bank name**           | Name of the receiving bank                             |
| **ABA code**            | American Bankers Association routing number (9 digits) |