Immediate Payments FAQ

What is the RTP® network?

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The RTP network, the real-time payments system from The Clearing House (TCH), was launched in 2017 and is the first new core payments infrastructure in the U.S. in more than 40 years. Also, it is currently the only real-time payments system in the U.S. Real-time payments over the RTP network provide consumers and businesses with the ability to conveniently send payments directly from their accounts at federally insured depository institutions 24/7, and to receive and access funds sent to them over the RTP network immediately. It is important to note that the RTP network is not Same-Day ACH; it 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 finally settled after the payments clear.

TCH established the RTP Business Committee to govern the RTP network. The RTP Business Committee meets monthly and has responsibilities, including providing input and guidance on the strategic execution of the RTP network, ensuring prudent risk management practices are followed, promoting the design, operation, and management of the system, and establishing or amending the rules for the RTP network. The RTP Business Committee is comprised of representatives from TCH owner banks and representatives from non-member financial institutions. The participation of non-member financial institutions ensures that these institutions have an active voice in the governance of the RTP network.

The RTP network is currently accessible to financial institutions that hold 70% of U.S. demand deposit accounts (DDAs), and the network currently reaches 61% of U.S. DDAs. In addition, the RTP network is open to all federally insured U.S. depository institutions.

Credit unions that use the RTP network to make payments on behalf of their members benefit from the RTP network’s real-time final interbank settlement. In addition, credit unions can leverage a variety of features – enhanced speed, security, and messaging capabilities – to create unique offerings for their retail and corporate customers. Learn more about the RTP network.

In September 2019, Corporate One committed to becoming a funding agent for credit unions on TCH’s RTP® network and was certified as the first corporate credit union participant in May 2020.