The U.S. Faster Payments Council (FPC) has released guidelines for the messages financial institutions use in association with real-time payments and other transfers processed within hours or minutes. The guide addresses operational readiness, exception handling and coordination with other areas within financial institutions. The message types covered include payment requests, return of money, payment status reports, and other information regarding payments.
While such messaging does not move money, the FPC says it helps parties manage exception items, request payments, handle returns and generally smooth operations for participating institutions. "When designed and used effectively, [messages] provide the context, visibility, and control needed to make payments work better," Miriam Sheril, head of product for North America at Form3 and chairperson of the FPC's Operational Considerations Work Group, said in a statement.
The RTP network operated by The Clearing House processed 422.2 million transactions worth $1.68 trillion in 2026 through September, exceeding the dollar value it handled in all of last year.