Unlike Australia, which has a single real-time system (the NPP), the United States has two instant payment systems that do a similar job: RTP, operated by The Clearing House, and FedNow, operated by the Federal Reserve. Both move money between bank accounts in seconds, around the clock, and both are separate from the older ACH system. This page explains what each one is, how they differ, and how they compare with real-time systems in other markets.
For the shared ideas behind all real-time account-to-account systems, see real-time A2A payments in depth. This page focuses on the specifics of the US systems.

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The two instant systems

RTP (The Clearing House)

Launched in 2017, RTP was the first new core payment system in the US in decades. It runs 24/7/365, settles each payment instantly and finally, and reaches the majority of US bank accounts.

FedNow (Federal Reserve)

Launched in July 2023, FedNow is the Federal Reserve’s own instant payment system. Because every US financial institution has access to the Fed, FedNow lets banks and credit unions of any size offer instant payments simply by integrating it.

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Why there are two

Before FedNow, a financial institution had to be part of The Clearing House network to offer RTP. FedNow opened instant payments to the thousands of smaller and mid-sized institutions across the country. The two systems now co-exist, and many providers connect to both to reach as many banks as possible.

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How they compare

These are network limits. Individual banks often set their own lower limits, so the amount you can actually send depends on the institution as well as the payment system.

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What “instant and final” means for you

Both systems are credit-push: the sender initiates the payment, pushing money out. And both are irrevocable: once a payment settles, it cannot be reversed the way an ACH payment or card payment can. That certainty is valuable, but it shifts responsibility onto strong checks before a payment goes out.

Certainty of timing

Funds arrive in seconds and are immediately available, at any hour. There is no waiting for a batch or a business day.

No safety net after sending

Because payments cannot be reversed, approval workflows, fraud checks, and recipient verification matter more than with reversible payment methods.

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How US instant payments compare with other markets

The US systems do the same core job as Australia’s NPP or Japan’s More Time System (instant, round-the-clock, final bank payments), but the US is unusual in running two competing systems rather than one national system. Adoption is still growing: instant payments account for far less volume than ACH today, though usage is rising quickly.
If you are planning to accept US instant payments, remember that reach depends on which system the customer’s bank supports. Connecting to both RTP and FedNow maximises the number of banks you can transact with.
For the batch-based alternative that still handles the bulk of US bank payments, see ACH credit transfers and same-day ACH.