FedNow is a technological solution for instant payments, not a regulation. It’s a voluntary system for the banks to join. Further, banks are not required to offer instant payment services to their customers. The analogous technological solution in the EU is TIPS [0], which has been operational since 2018.

The IPR is a regulation that requires banks to support instant payments and offer them to customers.

[0]: https://www.ecb.europa.eu/paym/target/tips/html/index.en.htm...