CadRemit adds FedNow support for instant USD virtual account payments

CadRemit now supports FedNow payments for USD virtual accounts, letting eligible transfers from participating U.S. institutions settle in real time. The update is aimed at speeding up cross-border payments for freelancers, businesses, and other customers receiving money from the United States.

Why it matters: - CadRemit’s FedNow support can cut waiting time for eligible USD payments that would otherwise move through slower settlement rails. - Faster settlement can help customers who rely on timely access to funds for supplier payments, tuition, family remittances, and other international transactions. - The update strengthens CadRemit’s payment infrastructure as demand grows for instant cross-border transfers and more predictable cash flow.

What happened: - CadRemit announced support for FedNow payments for USD virtual accounts on June 15, 2026. - Eligible USD payments can now settle instantly into CadRemit virtual accounts when the sending institution supports the FedNow network. - The company said the rollout expands its real-time payment infrastructure for customers receiving funds from the United States.

The details: - FedNow is the Federal Reserve’s instant payment service for participating financial institutions in the United States. - The service is designed to process eligible payments in real time instead of through delayed batch-processing systems. - CadRemit said the update is part of a broader infrastructure push focused on settlement speed, payment reliability and customer experience. - A CadRemit spokesperson said real-time payment infrastructure is becoming increasingly important in cross-border finance. - The spokesperson added that FedNow support improves payment speed and settlement efficiency for customers receiving USD payments into their virtual accounts. - CadRemit said the change is especially relevant for freelancers, contractors, remote workers, businesses and individuals paid by U.S.-based institutions and platforms. - The company said faster settlement systems are becoming a priority as users expect instant access to funds and more transparent transaction experiences. - CadRemit said the infrastructure update also strengthens its USD payment rails as cross-border transfers between North America and Africa continue to expand. - The company said real-time settlement can reduce transaction uncertainty and improve operational efficiency for 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. - The company said Nigerian diaspora users sending transfers through the United States corridor can access faster international transfer services to send money to Nigeria from the United States and other supported routes on the CadRemit platform. - Eligible users sending USD, CAD and EUR transfers to Nigeria qualify for rewards through CadRemit’s CMT points program. - CadRemit said the points program awards points on supported cross-border transactions.

Between the lines: - The move reflects a broader shift in global payments toward instant settlement systems and localized rails that reduce dependence on legacy transfer infrastructure. - CadRemit is positioning itself around faster settlement as a product feature and a competitive advantage in corridors where speed and transparency matter. - World Bank remittance data shows inflows into Sub-Saharan Africa remain among the largest globally, which helps explain why payment providers are investing in faster cross-border infrastructure.

What's next: - CadRemit said the FedNow rollout aligns with broader industry movement toward instant settlement systems. - The company is likely to continue expanding its real-time and corridor-specific payment capabilities as cross-border demand grows. - CadRemit will keep offering regulated money transfer services across Nigeria, Canada, the United States and Europe. - The company is authorized and regulated by FINTRAC as a Money Services Business, licensed by the Central Bank of Nigeria as an International Money Transfer Operator and licensed by the Bank of Canada as a Payment Service Provider.