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Instant payments use the FedNow service, developed and launched by the Federal Reserve in July 2023, and the RTP® network, launched in 2017 by The Clearing House. So far, over 1,000 banks and credit unions have signed on with either the RTP or FedNow networks, or both, and instant payment volume continues to grow. is growing.
When The Clearing House (TCH) unveiled the Real-Time Payments (RTP) system in 2017, it propelled swifter payments and brought about the next generation of fund transfers. Payment solution providers are now also getting in on the real-time game and supporting a growing list of RTP use cases that use the network for rapid transaction speeds.
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