CadRemit Adds FedNow Support for USD Virtual Accounts

New FedNow support enables eligible USD payments to settle instantly into CadRemit virtual accounts.

CadRemit today announced support for FedNow payments for USD virtual accounts, expanding its real-time payment infrastructure for customers receiving funds from the United States.

FedNow is the Federal Reserve’s instant payment service that enables participating financial institutions in the United States to process eligible payments in real time. With this update, CadRemit users can now receive supported USD payments instantly into their USD virtual accounts whenever the sending institution supports the FedNow network.

The addition of FedNow support is part of CadRemit’s broader infrastructure expansion focused on improving settlement speed, payment reliability, and customer experience across cross-border financial corridors. According to the Federal Reserve, the FedNow Service was designed to support instant payment processing between participating financial institutions across the United States, enabling funds to be transferred and settled in real time rather than through delayed batch-processing systems.

While ACH transfers can sometimes take few business days depending on banking schedules, weekends, or institutional processing windows. Real-time settlement infrastructure significantly reduces these delays for eligible transactions. “Real-time payment infrastructure is becoming increasingly important in cross-border finance,” a CadRemit spokesperson said. “The addition of FedNow support improves payment speed and settlement efficiency for customers receiving USD payments into their virtual accounts.”

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The company stated that the infrastructure update is particularly relevant for freelancers, contractors, remote workers, businesses, and individuals receiving payments from U.S.-based institutions and platforms. CadRemit noted that faster settlement systems are becoming a growing priority across the global payments industry as users increasingly expect instant access to funds and more transparent transaction experiences.

The rollout also strengthens CadRemit’s USD payment infrastructure as cross-border transfers between North America and Africa continue to expand. According to World Bank remittance data, remittance inflows into Sub-Saharan Africa remain among the largest globally, while digital payment adoption continues accelerating across international financial corridors.

The company added that real-time settlement capabilities can reduce transaction uncertainty and improve operational efficiency for customers managing international payments, supplier transactions, tuition payments, and family remittances. CadRemit currently supports multiple cross-border payment corridors across North America, Europe, and Nigeria through its regulated money transfer infrastructure.

Nigerian disaspora sending transfers through the United States corridor can access faster international transfer services to send Money to Nigeria from USA and other supported routes available on the CadRemit platform. The company also noted that eligible users sending USD, CAD, and EUR transfers to Nigeria qualify for rewards through CadRemit’s CMT points program, which provides points on supported cross-border transactions.

CadRemit stated that the addition of FedNow support aligns with broader industry movement toward instant settlement systems and localized payment rails that reduce reliance on slower legacy transfer infrastructure.

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