The importance of getting your credit union connected to an immediate payment rail continues to grow. The RTP® network’s real-time payment capabilities are already accessible to financial institutions that hold 75% of U.S. demand deposit accounts. That number will increase now that the FedNow® service became operational last year.  

Because credit unions are aware of the importance of connecting to these payment rails, I often get asked the following question when I’m giving educational presentations on immediate payments: 

  • What does it take to get started on the RTP network and FedNow Service? 

The following information should provide some insight into this question. 

Implementing an immediate payments program

Even though there’s no “easy” button for implementing an immediate payments program, detailed guides that outline the exact requirements of each payment rail do exist. Once you have a baseline understanding of immediate payments, you can review each rail's service offerings and capabilities and strategize what to do next. 

For example, The Clearing House’s RTP® Network Readiness Checklist for Banks and Credit Unions and the Federal Reserve’s FedNow Service Readiness Guide provides in-depth information on connecting to each rail, covering topics like payment flow, participant options, ISO® 20022 message specifications, technology planning, and more.

In addition, our RTP Info Center has a wealth of articles, webinars, and infographics created by Corporate One, the U.S. Faster Payments Council, The Clearing House, and the Federal Reserve to help you learn how to connect.

For more information, I encourage you to contact me at 866/MyCorp1 or via to discuss the next steps in your immediate payments journey.

Toby Thomas
VP, Product Market Strategist

RTP Explainer Video 

This video will help your credit union discover more about the benefits of immediate payments and learn how to get connected to immediate payments opportunities.