RTP-FEDNOW

Two US instant rails: RTP + FedNow.

Definition

RTP and FedNow both use ISO 20022 pacs.008. RTP limit: USD 1 million per transaction. FedNow limit: USD 500K per transaction. ~95% US accounts reachable on at least one rail in 2024. Competing with consumer Zelle (push-only).

Origin

RTP launched by TCH 13 November 2017 ; FedNow launched by the Fed 20 July 2023.

Example in context

A company pays a supplier USD 50K on Sunday via FedNow — credited in 10 seconds 24/7.

Related terms

• FedNow — public rail.