The RTP® Network:

Instant Payments from The Clearing House

Customers and businesses demand real-time, seamless, and transparent payment experiences. Financial institutions of all sizes can be ready to support their customers’ needs with instant payments to improve their customers’ cash flow while realizing other efficiency gains. The RTP® network provides a real-time payments platform to insured U.S. depository institutions. In operation for over six years, the system offers proven benefits for financial institutions, businesses, consumers, and others in the payments ecosystem. With mobile technology and commerce driving payment innovation, financial institutions of all sizes are using the RTP network capabilities to create new or enhance existing digital services for their corporate and retail customers. The RTP network, which is growing in value and volume each quarter, continues to reach milestones. Specifically, the RTP network:

Why Use the RTP Network for your Real-Time Payments?

RTP Network for Businesses and Corporates Across industry segments, small, medium, and large businesses and corporations see increased value when using instant payments. By partnering with an FI that is on the network, businesses can benefit from:

Instant liquidity/cash flow

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The retail and business customers who rely on their community banks and credit unions want access to the same fast service in payments that they experience in other areas of their lives. By joining the RTP network, these institutions can offer customers modernized services and benefit from:

RTP Network Resources

The RTP network is built to support the way people live and work today. The system is always on and delivers faster, smarter, and more efficient instant payments for bill payment, account-to-account transfers, cash management, P2P transactions, and more. Stay up to date on the network news by checking out the below resources.

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FAQs

What is an instant payment on the RTP network?

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How much instant payment activity is on the RTP network?

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What types of payments (use cases) are most common on the RTP network?

500+ Financial Institution Participants

More banks and credit unions are joining the RTP® network each day, providing their account holders with real-time access to their money.

Access the full list of RTP® network participating financial institutions

Instant payroll/Earned Wage Access

Advanced financial management

Improved customer experience

Bill pay and request for payment

Reduced back-office processing

RTP Network for Community Banks and Credit Unions

A platform for innovation

Account holders receive instant payments (often on day one)

Delivering new products and services to their customers

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The main characteristics of an instant payment on the RTP network are: 24/7 Network Availability – The RTP network operates 24/7, which allows financial institutions’ customers to send or receive payments at any time. Immediate Availability of Funds – Recipients receive the payment within seconds of the sending financial institution initiating the transaction; RTP network receiving financial institutions are required to make funds available immediately, subject to limited exceptions in the RTP Rules. Payment Certainty – Sending financial institutions are not able to revoke or recall a payment once it has been submitted to the RTP network. Settlement is final and irrevocable. However, the network provides a message for financial institutions to request the return of funds. Broad eligibility – All insured depository institutions can become RTP network participants, regardless of size. Extensibility – Rich, flexible messaging functionality is included to support value-added products. For example, the RTP network provides messaging that enables a request for payment of a bill or invoice. Convenience – Customers of RTP network financial institution participants can send or receive payments from their existing accounts. Cash Flow Control – The ability to send and receive immediate payments gives customers more control over cash flow, which is particularly important for cash-constrained small businesses and consumers. Adaptability – The RTP network has a flexible architecture to adapt to changing market needs.

The average daily volume on the RTP network is 931,476, with an average daily value of $736.4 million. (August 2024) In Q3 2024, over 700 financial institution participants sent and received 87 million transactions valued at $69 billion.

Consumers, businesses, and the government are using the RTP network for a variety of payments needs. The most common types of payments on the RTP network include:

A network that features credit unions and community banks as 90% of its participants

The opportunity to optimize clients’ cash flow

Streamlined operations and end-to-end visibility

Precision payments – decide when to pay

A higher control over payments and reduced risk of overdrafts

Has over 750 participants

Enables 70% of all U.S. checking and savings accounts with instant payments

Continuously achieves records such as 87+ million transactions, valued at $69+ billion*

*Record achieved in Q3 2024

Real-time payments provide customers the latest in modern payment infrastructure. Learn about the many third-party service providers in the payments ecosystem who provide support and connectivity to the RTP network here

• account-to account transfers (A2A) • brokerage account funding • digital wallet defunding to DDAs • earned wage access and emergency payroll • instant wage access (for gig economy workers) • merchant disbursements • real estate closing payments/title insurance payments • consumer loan funding

The RTP network is designed to address unmet customer needs across all customer segments (B2B, B2C, C2B, P2P, A2A, G2C, etc.).

Connection to the RTP network through third-party service providers and other partners

• account-to account transfers (A2A) • brokerage account funding • digital wallet defunding to DDAs

• earned wage access and emergency payroll

• instant wage access (for gig economy workers)

• merchant disbursements

• real estate closing payments/title insurance payments

• consumer loan funding

Provides immediate availability of funds, improved cash flow, and instant payment clearing and settlement 24/7/365