Initiative Tracker
The United States operates two competing instant payment rails - an unusual arrangement globally. FedNow, launched by the Federal Reserve in July 2023, and RTP, operated by The Clearing House since 2017, compete for bank adoption while the industry debates whether dual-rail redundancy or single-rail efficiency better serves the market.
US Instant Payments (FedNow + RTP)
EXPANDINGFederal Reserve / The Clearing House · Launched Jul 20, 2023 · Rails: fednow, rtp
1,600+
FedNow participants
↑ Growing
The United States operates two competing instant payment rails: FedNow (Federal Reserve) and RTP (The Clearing House). Both enable real-time settlement of payments between participating financial institutions, creating an unusual dual-rail instant payment landscape.
System Status
No upcoming maintenance windows.
Rollout Tracker
| Country | FedNow Send | FedNow Receive | Request for Payment | Liquidity Management | RTP Send | RTP Receive | $10M Limit | Updated |
|---|---|---|---|---|---|---|---|---|
| United States - FedNowUS | Live Jul 2023 | Live Jul 2023 | Live Jan 2024 | Live Jul 2023 | — | — | — | Jul 2025 |
| United States - RTPUS | — | — | Live Jan 2019 | — | Live Nov 2017 | Live Nov 2017 | Live Feb 2025 | Apr 2026 |
Regulatory Radar
741dJun 30, 2028
Fedwire extended operating hours
Fedwire expanding to 22 hours/day, 6 days/week, 365 days/year. Significant change for correspondent banking and cross-border payment windows.
Timeline
Jun 5, 2026
The Clearing House announces it will operate a shared tokenized deposit network for major US banks (JPMorgan, Citi, BofA, Wells Fargo, and 13+ others), with a connectivity bridge to CHIPS and RTP networks for fiat-to-digital interoperability. Targeting H1 2027 launch.
ABA Banking Journal / Ledger InsightsMay 20, 2026
Federal Reserve Board formally proposes payment accounts (6-1 vote) enabling eligible non-bank financial institutions to access Fedwire Funds, FedNow, NSS, and free-of-payment Fedwire Securities transfers for clearing and settling payments. Accounts must be fully prefunded with automated overdraft prevention, earn no interest, have no discount window access, and face overnight balance caps (lesser of $500M or 10% of assets). 60-day comment period after Federal Register publication. Executive Order from President Trump supports fintech access to Federal Reserve payment accounts.
Federal Reserve BoardMay 1, 2026
RTP network sets new single-day records: 2.27 million transactions worth $8.62 billion on May Day. Previous daily volume record was 2.05 million (February 13, 2026). Tax refund disbursements via RTP increased 78% in first four months of 2026 vs same 2025 period.
The Clearing HouseApr 28, 2026
FedNow Network Intelligence API launches for early adopters, providing receiver account-level data from historical transaction patterns for real-time fraud risk assessment. Federal Reserve also exploring Payee Name Verification feature.
Federal Reserve Financial ServicesApr 24, 2026
Bank of England Working Paper No. 1,180 finds the February 2022 FPS limit increase to £1M reduced CHAPS volume in the £250K–£1M band by 10.7–13.7%, first empirical evidence of meaningful RTGS-to-instant substitution.
Bank of EnglandApr 21, 2026
TCH announces domestic correspondent bank activity on RTP network to launch September 2026, extending rail's reach to institutions without direct connections. Also developing IXB pilot with EBA CLEARING and SWIFT for USD-EUR cross-border instant transfers.
American BankerApr 8, 2026
Federal Reserve Board proposes amending Regulation J Subpart C to allow FedNow participants to use intermediary banks for cross-border payments. Comments due 60 days after Federal Register publication (April 10). Would align FedNow with Fedwire, which has permitted intermediaries for decades.
Federal Reserve BoardMar 31, 2026
RTP processes 128 million transactions totaling $480 billion in Q1 2026, daily average value $5.7 billion. Over 1,200 financial institutions live on RTP network.
The Clearing HouseFeb 13, 2026
RTP processes 2.05 million payments in a single day, first time exceeding 2 million daily transactions
The Clearing HouseNov 30, 2025
RTP surpasses $1.3 trillion in total payments for 2025, a 428% increase from $246 billion in 2024
The Clearing HouseMar 10, 2025
Federal Reserve completed the single-day cutover of Fedwire Funds Service from proprietary format to ISO 20022 messaging on March 10, 2025.
Related Systems
FedNow
FPS · United States · Federal Reserve
Window: 24/7/365
ISO 20022: native · Gross
Fedwire
RTGS · United States · Federal Reserve
Window: 01:00–23:00 UTC · Mon–Fri
ISO 20022: migrated · Gross
FedACH / Nacha
ACH · United States · Federal Reserve / Nacha
Window: 06:00–23:00 UTC · Mon–Fri
ISO 20022: legacy · Net
CHIPS
RTGS · United States · The Clearing House
Window: 14:00–23:00 UTC · Mon–Fri
ISO 20022: migrated · Hybrid
Competitive Landscape
Same-Day ACHalternative
Batch payment rail
NACHA same-day ACH handles time-sensitive payments but with settlement windows (not true instant). $1M per-transaction limit. Competes for corporate use cases where seconds don't matter but same-day does.
Visa Direct / Mastercard Sendcompetitor
Card network push payments
Push-to-card payments competing for disbursements, gig economy payouts, and P2P. Leverage existing card infrastructure but higher cost per transaction.
Fedwirecomplementary
RTGS
High-value wholesale RTGS. FedNow/RTP handle retail instant payments; Fedwire handles large-value interbank and time-critical settlement. Different market segments.
Zellecomplementary
P2P overlay network
Consumer P2P network operated by Early Warning Services. Increasingly routes settlement through RTP and FedNow rather than ACH. Overlay, not a competing rail.
CHIPScomplementary
Large-value netting system
TCH-operated large-value USD clearing with netting. Handles wholesale FX and correspondent banking flows. Complementary to instant payments, different market.
Check / Paperlegacy
Legacy instrument
Still processes billions annually in the US. Instant payments aim to replace check usage for B2B and government disbursements.
Articles (73)
RegulationJun 19, 2026
Fed Publishes First GENIUS Act Rulemaking as July 18 Deadline Approaches with No Final Regulations
The Federal Reserve Board joined four other agencies on June 18, 2026, to propose customer identification requirements for stablecoin issuers, marking the Fed's first GENIUS Act rulemaking. With the July 18 statutory deadline for final regulations 29 days away and no agency having published any final rule, the Act's fallback effective date of January 18, 2027 is increasingly certain.
RegulationJun 17, 2026
Federal Preemption and Permanent Injunction Effectively Neutralize Illinois Interchange Fee Prohibition Act
Three convergent federal actions in June 2026 have stripped the Illinois Interchange Fee Prohibition Act of nearly all practical effect. A permanent court injunction, NCUA preemption rule, and legislative postponement leave the first US state interchange fee law applicable only to Illinois-chartered financial institutions.
RegulationJun 16, 2026
Visa-Mastercard $38 Billion Interchange Settlement Clears Preliminary Approval
Visa and Mastercard will reduce average effective credit interchange rates by 10 basis points over five years. Standard consumer credit card rates are capped at 1.25 percent for eight years.
AnalysisJun 12, 2026
US Instant Payments Settle Combined $751 Billion in Q1 2026 as FedNow and RTP Diverge on Payment Size
RTP's volume lead remains wide. Its single-day record of 2.27 million transactions on May 1 exceeded FedNow's Q1 daily average of 30,317 by a factor of 75. FedNow's value trajectory, however, is extraordinary: the $271.
NewsJun 12, 2026
17 US Banks Commit to Clearing House Tokenized Deposit Settlement Network
TCH's blockchain-based deposit tokenization platform, backed by JPMorgan, Citigroup, Bank of America, and 14 other financial institutions, will connect on-chain settlements to existing CHIPS and RTP rails. The target launch is the first half of 2027.
NewsJun 8, 2026
The Clearing House to Operate Tokenized Deposit Network With Bridge to CHIPS and RTP
A consortium of seventeen US banks will build a shared tokenized deposit platform operated by The Clearing House, connecting on-chain settlement of commercial bank money to the existing CHIPS and RTP payment infrastructure.
AnalysisJun 5, 2026
CHIPS Crosses $2 Trillion in Daily Value as Huntington Joins Network
Huntington National Bank became CHIPS's 43rd direct participant on May 19, 2026, following its merger with Cadence Bank. The network's continuous matching engine now settles payments for 43 clearing members, reducing required prefunding to roughly $96 billion against more than $2 trillion in gross throughput.
NewsMay 29, 2026
BIS Project Agorá Completes Tokenized Settlement Prototype, Eight Central Banks Plan Real-Value Tests
Participating central banks include the Federal Reserve Bank of New York, the Bank of England, the Bank of Japan, the European Central Bank, and the Swiss National Bank.
AnalysisMay 29, 2026
CHIPS Averages $2 Trillion Daily in 2025 as Huntington Joins as 43rd Participant
CHIPS settled an average $2.014 trillion daily during 2025, a 9 percent increase over 2024. Huntington National Bank joined as the network's 43rd direct participant in May 2026 following its Cadence Bank merger.
RegulationMay 28, 2026
Six Federal Agencies Advance GENIUS Act Rulemaking While Federal Reserve Board Lags Behind
Six federal agencies have published proposed stablecoin regulations under the GENIUS Act within ten months of enactment. The Federal Reserve Board has not issued its prudential notice of proposed rulemaking. The statutory deadline for final rules falls on July 18, 2026. Three major comment periods close in the next two weeks.
AnalysisMay 27, 2026
Three US Policy Tracks Converge on Non-Bank Access to Fedwire and FedNow
A White House executive order, a Federal Reserve Board rulemaking, and bipartisan legislation are independently advancing non-bank access to Fed payment services, creating the most concrete pressure for structural change since the 2023 master account guidelines.
NewsMay 23, 2026
Huntington National Bank Joins CHIPS as 43rd Direct Participant
CHIPS processed an average $2.014 trillion in daily value across 632,419 transactions in 2025. Daily net positions settle through Fedwire in central bank money.
NewsMay 22, 2026
Federal Reserve Proposes Limited Payment Accounts for Non-Bank Access to Fedwire and FedNow
The Board approved the proposal 6-1, with Governor Michael Barr dissenting on grounds that the framework lacks sufficient anti-money laundering safeguards.
AnalysisMay 19, 2026
FedNow's $99,000 Average Payment Signals Commercial Tilt in Q1 2026
Federal Reserve data shows FedNow averaging $99,414 per transaction in Q1 2026, with 2.73 million payments worth $271 billion settled. The network's growing commercial profile contrasts with a persistent gap between institutions that can receive and those equipped to send.
NewsMay 18, 2026
RTP Network Sets Single-Day Records: 2.27 Million Transactions Worth $8.62 Billion on May 1
The Clearing House reported a new RTP Network single-day high on May Day 2026, adding another volume signal to the US instant-payments market while RTP and FedNow continue to develop around different participant and use-case patterns.
NewsMay 15, 2026
RTP Network Processes Record 2.27 Million Transactions on May Day
The Clearing House reported on May 14 that its RTP network set new single-day highs for both volume and value on May 1, as tax refund disbursements and corporate treasury adoption accelerate U.S. instant payment growth.
NewsMay 15, 2026
Federal Reserve Makes FedNow Network Intelligence API Generally Available
Nick Stanescu, Executive Vice President and CEO of the FedNow Service, said the tool delivers instant, network-level data insights that complement participants' existing risk management capabilities.
AnalysisMay 15, 2026
Fedwire and CHIPS Both Start Q1 2026 Above 2025 Baselines
First-quarter 2026 data from the Federal Reserve and The Clearing House shows both Fedwire and CHIPS running above their 2025 daily averages, with CHIPS posting stronger relative gains in settled value.
AnalysisMay 8, 2026
RTP Processes 128 Million Payments in Q1 2026 as US Dual-Rail System Diverges on Use Case
Q1 2026 data reveals the US dual-rail instant payment system developing clear market segmentation. RTP handles 47 times more transactions than FedNow at a $3,750 average payment, reflecting retail leadership. FedNow's $99,414 average payment positions it as the corporate and high-value channel. Expansion plans from both operators in H2 2026 will test whether this specialization holds.
AnalysisMay 8, 2026
Baker McKenzie Flags Preemption Gap in PACE Act as Bill Seeks to Open Fed Payment Rails to Non-Banks
H.R. 8395, introduced April 21 by Representatives Kim and Liccardo, would let non-bank firms registered with the OCC access Fedwire, FedNow, and FedACH directly, but lacks an express preemption clause and leaves unclear whether 40-state licensing requirements persist after federal registration.
Reference Documents
Federal Reserve Operating Circular No. 6 (Fedwire Funds)
Federal Reserve · operating_rules · vJanuary 2026 · Jan 5, 2026
Federal Reserve Operating Circular No. 8 (FedNow Service)
Federal Reserve · operating_rules · vApril 2026 · Apr 1, 2026
FedNow Service Operating Procedures
Federal Reserve · operating_rules · vVersion 3.2 (February 2026) · Feb 13, 2026
RTP System Operating Rules
The Clearing House · operating_rules · vEffective 01-01-2026 · Jan 1, 2026
RTP Participation Rules
The Clearing House · operating_rules · vEffective 07-21-2025 · Jul 21, 2025
CBPR+ Roadmap Beyond November 2025
SWIFT · regulatory_text · vSeptember 2025 · Nov 15, 2026
Operational Track Record
IncidentMay 26, 2026
fedwire - Issue detected
IncidentMay 26, 2026
fedach - Issue detected
IncidentMar 21, 2026
fedwire - Issue detected
IncidentMar 21, 2026
fedach - Issue detected
IncidentMar 21, 2026
fednow - Issue detected
Tracker last updated: Mar 16, 2026