The RTP network, the instant payments system from The Clearing House is the first new core payments infrastructure introduced in the U.S. since ACH more than 40 years ago. It is currently available to insured banks and credit unions in the U.S., and reaches 70% of U.S. demand deposit accounts (DDAs).

Instant payments over the RTP network provide consumers and businesses with the ability to conveniently send payments directly from their accounts at insured depository institutions 24/7, and to receive and access funds sent to them over the RTP network immediately. Financial institutions that use the RTP network to make instant payments on behalf of their customers benefit from the RTP network’s real-time and final interbank settlement. The RTP network represents a new phase in the evolution of the U.S. payments industry and is providing financial institutions with a modern platform for product innovation. Financial institutions can leverage a wide variety of features – enhanced speed, security, continuous operation, payment status transparency and messaging capabilities – to create unique offerings for their retail and corporate customers.

The main characteristics of an instant payment on the RTP network are:

1. 24/7 Network Availability – The RTP network operates 24/7, which allows financial institutions’ customers to send or receive payments at any time.
   
   
2. 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.
   
   
3. 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
   
   
4. Broad eligibility – All insured depository institutions can become RTP network participants, regardless of size.
   
   
5. 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.
   
   
6. Convenience – Customers of RTP network financial institution participants can send or receive payments from their existing accounts.
   
   
7. 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.
   
   
8. Adaptability – The RTP network has a flexible architecture to adapt to changing market needs.

 

The RTP network has over 750 financial institution participants that send and receive 87 million transactions valued at $69 billion each quarter. Today the RTP network reaches 70% of U.S. demand deposit accounts (DDAs) with an incremental “technical reach” to financial institutions that hold close to 90% of DDAs. The RTP network is open to all insured U.S. depository institutions. 

The average daily volume on the RTP network is over 1 million transactions, with an average daily value of $771.7 million. (September 2024)

In Q3 2024, over 750 financial institution participants sent and received 87 million transactions valued at $69 billion.

No. Any insured depository institution can be an RTP network participant.^[2]

^[2] Uninsured branches or agencies of a foreign bank are also eligible to become RTP Participants. See the RTP Participation Rules for additional information.

No, the RTP network is designed to address unmet payments needs across all customer segments and use cases (B2B, B2C, C2B, P2P, A2A, G2C, etc. ). Consumers, businesses, and the government can all benefit from the use the RTP network through a participating financial institution.

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:

• 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.).

No, the RTP network is strictly “credit push,” meaning that the person making the payment instructs its financial institution to make the payment.

Payment irrevocability provides the payee certainty of an immediate, final payment without the risk of returns or reversals. 

No, the RTP network is not same day ACH, and is a separate and new infrastructure built for the digital age. RTP network payments clear and settle individually in real time with immediate finality. Same day ACH payments are cleared in batches and settle after the payments clear.

The RTP network has a single price for all participants regardless of size, with no volume discounts, no volume commitments, no monthly fees, and no monthly minimums. Click here for RTP network pricing.

TCH is committed to maintaining a pricing structure that provides for equal pricing to all institutions regardless of volumes on the system. TCH will only consider a change to this approach if another instant payment provider’s different approach to pricing threatens the viability of the RTP network and requires TCH to react competitively to maintain the integrity and availability of the RTP network to all financial institutions.

Insured U.S. depository institutions have the option to directly connect to the RTP network. Depository institutions can also connect to the RTP network using an electronic connection provided by another entity, referred to as a third-party service provider (TPSP), such as a core processor, a hosted gateway, a bankers’ bank or a corporate credit union. Click here to see the list of current RTP network TPSPs.

Yes. The Clearing House developed the RTP network to incorporate the 36 criteria identified by the Faster Payments Task Force as necessary for a successful U.S. real-time payment system.

The RTP network's Participation and Operating Rules apply to all network messages and are available on The Clearing House website. Click here to visit the RTP network Document Library.

The Clearing House's robust governance structure oversees the operation and further development of the RTP network. Day-to-day management and operation of the network falls to The Clearing House's management. Management's performance is overseen, in turn, by The Clearing House's two boards of directors, which are responsible for managing and overseeing the company's business and affairs. To assist them in these responsibilities, the boards have established a number of committees, including an RTP Business Committee that advises management on many facets of the network, an Enterprise Risk Committee that exercises companywide oversight over risk management, and an Audit Committee that helps the boards ensure, among other things, reviewing the company's financial statements and system of internal controls, the qualifications and independence of the company's external auditor, and the company's internal audit function. 

The RTP Business Committee includes representatives from both financial institutions that have an ownership interest in The Clearing House and those that do not.

The Clearing House's managing board of directors or the RTP Business Committee is responsible for approving changes to the network's participation and operating rules.

In addition to the RTP Business Committee, The Clearing House has established a number of other bodies to ensure relevant stakeholder interests are considered in the governance of the RTP network. To that same end, it also participates in the Faster Payments Council, periodically solicits input on the RTP rules, and actively engages with regulatory agencies charged with responsibility for consumer protection and the safety and soundness of the financial sector.

The Clearing House is highly-regulated, falling under the FFIEC’s Significant Service Provider (SSP) program with respect to its operation of the RTP System, as well as the EPN and Image Exchange Network services. Under the FFIEC framework, TCH is examined each year by a multi-agency team. SSP exams include a broad range of activities including governance, risk management, internal controls, information security, and financial condition. Additionally, TCH, as the operator of CHIPS, has been designated under Title VIII of the Dodd Frank Act as a systemically important financial market utility (SIFMU). Under this designation TCH is subject to continuous supervision by full-time, dedicated Federal Reserve examiners and CHIPS must meet Regulation HH’s enhanced requirements for SIFMUs. As all TCH payment services utilize a common infrastructure and fall under a common governance structure, TCH’s Title VIII supervision and standards benefit all TCH services.

Yes, the credit transfer limit on the RTP network is currently $1 million.

To join the RTP network, please contact TCHinfo@theclearinghouse.org