RTP & FedNow
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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.