Real Time Payments

Real-time payments (RTP) are the smarter and faster alternative to cash, check and batch ACH thanks to processing done in seconds. While real-time payments suggest absolute immediacy, the ultimate advantage of real-time payments may lie in the powerful unlocking of shared transactional information. By coupling payment details with the transaction, real-time payments help improve efficiency, customer engagement, data transparency and accuracy. Real-time payments also help manage risks and streamline the reconciliation processes. So, while 24/7/365 instant accessibility is a key benefit, robust information can deliver a vital advantage. – Vocalink Mastercard

Mobile technology and digital commerce are driving the need for a safer and faster payments system in the U.S. The Clearing House responds with Real-Time Payments (RTP) a new real-time system for all U.S. financial institutions to use as a platform for payments innovation.

Financial institutions will take advantage of RTP’s capabilities to create or enhance digital services for their corporate and retail customers.

24.7.365 (Always on!)

Financial institutions will use the new “rail” to clear and settle payments in real time. RTP provides immediacy, certainty, and bank-grade security you’d expect to find in a new payments rail and it has capabilities that enable financial institutions to enhance existing services and create new ones.

Faster and Smarter

RTP works in the background, underpinning a financial institution’s customer facing systems for services like bill payment, cash management, P2P and emergency disbursements. Messages such as Request for Payment, Payment Confirmation, Request for Additional Information and Remittance Detail can be used in different ways to create truly innovative and frictionless customer-facing solutions.

Access For All Financial Institutions

The Clearing House is working with providers of core processing and payment services, bankers banks, and corporate credit unions to ensure that every financial institution in the U.S. has an easy way to access the RTP network by 2020.

Simple, Transparent, Uniform Pricing for All Financial Institutions

The RTP® network has a single price for all participants with no volume discounts, no volume commitments and no monthly minimums to ensure that financial institutions of all sizes participate on the same terms.   Financial institutions pay only for the transactions they originate.