What is the RTP network? Instant payments in the US
By SendPay Business · · 2 min read
The RTP network is an instant payment system in the United States, launched by The Clearing House in 2017. Payments settle in seconds, around the clock, every day of the year, between banks that have joined the network.
How an RTP payment works
- The sender's bank sends the payment through the RTP network.
- The receiving bank confirms the account and accepts the payment.
- Money settles immediately and is available to the recipient within seconds.
- Payments are final, so they can't be pulled back like a card payment.
RTP vs FedNow vs ACH
RTP is run by The Clearing House, a bank-owned company. FedNow is a similar instant service from the Federal Reserve, launched in 2023. ACH is older and processes payments in batches, so it's usually slower.
Request for payment
RTP also supports request for payment messages, where a business sends a bill that the customer can approve and pay instantly from their bank.
Where SendPay fits
SendPay platforms give your customers GBP, EUR and USD accounts, transfers and branded Visa cards under your own brand, powered by licensed partners. For US customers, SendPay covers card payment platforms.
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This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.