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You might know money transfer apps like Venmo and Zelle, but behind the scenes, banks and financial institutions utilize similar systems like the FedNow® Service —an instant-payment service developed by the Federal Reserve. This instant-payment system allows financial institutions to make swift payments and can also streamline timely bill payments. However, because it’s not a consumer service money transfer app like Venmo, FedNow is only available for banks to adopt. Below, CNBC Select breaks down how FedNow works and what you need to know about the instant-payment service.

People in the U.S. send a hefty $74.6 billion to individuals in low- and middle-income countries each year, according to World Bank data. Meanwhile, transaction costs for international money transfers average just over 6%, the World Bank says—meaning if you send $1,000 to a friend overseas or a relative back in your family’s home country, it could cost you around $60. Forbes Advisor analyzed numerous money transfer services to determine which ones provide the best value. We selected top picks in each category based on fees, accessibility, available payment methods and delivery speed.