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◆ClearingPost

US Payment Ecosystem

FedNow, RTP, legacy rails, card networks, and the regulatory landscape shaping American payments.

7Systems
1Countries
168Articles
Key Initiatives4
FedNow vs RTPEXPANDING
1,800+ FedNow participants

Dual instant payment rails — adoption race and volume comparison

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US Instant Payments IntelligenceACTIVE

FedNow and RTP compared side-by-side — coverage, metrics, material changes

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Same-Day ACHACTIVE

NACHA's faster ACH — $1M per-transaction limit since March 2022

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FedNow InternationalPLANNED

Cross-border instant payment potential under exploration

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Core Infrastructure7
Federal Reserve Systems
Fedwire Funds ServiceFedwire
Fedwire Funds Service is the United States' Real-Time Gross Settlement system, operated by the Federal Reserve Banks. It...
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FedNow ServiceFedNow
FedNow is the Federal Reserve's instant payment service, launched in July 2023 to enable US financial institutions to se...
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FedACH / ACH NetworkFedACH
The ACH Network is the backbone of US retail payment processing, handling over 30 billion transactions annually — payrol...
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US Payment Infrastructure OverviewUS Payments
The United States operates a unique dual-operator payment infrastructure model. The Federal Reserve provides Fedwire (RT...
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Private Sector Rails
Real-Time PaymentsRTP
The RTP network is the first modern instant payment system in the United States, launched by The Clearing House in Novem...
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Clearing House Interbank Payments SystemCHIPS
CHIPS is a large-value USD payment system operated by The Clearing House, which reports more than $2 trillion in average...
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Zelle P2P NetworkZelle
Zelle is a person-to-person (P2P) digital payments network operated by Early Warning Services, enabling real-time money ...
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Electronic Payments NetworkEPN
The Electronic Payments Network (EPN) is the only private-sector ACH operator in the United States, operated by The Clea...
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RTGS 2 systems
Fedwire
Federal Reserve
Window: 21:00 (previous day)–19:00 America/New_York · Mon–Fri
ISO 20022: migrated · Gross
CHIPS
The Clearing House
Window: 14:00–23:00 UTC · Mon–Fri
ISO 20022: migrated · Hybrid
ACH 2 systems
FedACH / Nacha
Federal Reserve / Nacha
Window: 06:00–23:00 UTC · Mon–Fri
ISO 20022: legacy · Net
EPN
The Clearing House
Window: 06:00–23:00 UTC · Mon–Fri
ISO 20022: legacy · Net
FPS 3 systems
FedNow
Federal Reserve
Window: 24/7/365
ISO 20022: native · Gross
RTP
The Clearing House (TCH)
Window: 24/7/365
ISO 20022: native · Gross
Zelle
Early Warning Services
Window: 24/7/365
ISO 20022: legacy · Net
Regulatory Landscape16
16dOct 23, 2026
Nacha: comments close on redefining "Banking Day" in the Nacha Operating Rules
Nacha requests comment on revising the defined term "Banking Day" in the Nacha Operating Rules to a calendar day other than a Saturday, Sunday or Federal banking holiday. Comments are due 23 October 2026; the proposed effective date is 18 June 2027.
44dNov 20, 2026
Nacha: responses due on requiring secure electronic channels for ACH exception processing
Nacha requests information on the use of secure, electronic communication channels for ACH exception processing between participants. Responses are due 20 November 2026.
54dNov 30, 2026
US: comments close on the Federal Reserve Board's GENIUS Act proposals
Comments are due by 30 November 2026 on the Federal Reserve Board's two GENIUS Act proposals, published in the Federal Register on 29 September 2026. The first would require Board-supervised payment stablecoin issuers to back their stablecoins fully with permissible reserve assets, such as short-term Treasury bills, and set standardised capital requirements and risk-management standards, with separate rules for Board-supervised firms that safekeep the assets backing payment stablecoins. The second would set an application process for Board-supervised banks applying to issue payment stablecoins. The Board requested comment on 24 September 2026.
103dJan 18, 2027HIGH
GENIUS Act takes effect
The GENIUS Act takes effect on the earlier of 18 months after enactment (18 July 2025) or 120 days after the primary federal payment stablecoin regulators issue any final regulations implementing it; the Treasury Department's proposed rule of 18 August 2026 states that the effective date is expected to be 18 January 2027. On 24 September 2026 the Federal Reserve Board requested comment on two proposals. The first would require Board-supervised payment stablecoin issuers to back their stablecoins fully with permissible reserve assets, such as short-term Treasury bills, and set standardised capital requirements and risk-management standards, with separate rules for Board-supervised firms that safekeep the assets backing payment stablecoins. The second would set an application process for Board-supervised banks applying to issue payment stablecoins. Both were published in the Federal Register on 29 September 2026, with comments due by 30 November 2026.
248dJun 12, 2027
Swift: deferred Standards Release 2026 goes live
Swift set 12 June 2027 as the implementation date for its deferred Standards Release 2026 (update of 21 September 2026). The release covers all MT messages except Category 1, ISO 20022 securities and funds messages, tracker messages and exceptions and investigations messages. Swift deferred all payments changes: it is consulting on the timing of the structured address requirement and will give an update by December at the latest, and the other payments changes planned for November will be phased separately.
541dMar 31, 2028HIGH
RTP: all participants must receive inbound One-Leg-Out (OLO) payments
The RTP Operating Rules edition effective 4 October 2026 adds a framework for One-Leg-Out (OLO) payments, the U.S. leg of payments to or from a payer or payee outside the United States. From 4 October 2026 to 30 March 2028 only participants that opt into the early-adopter period must comply with the OLO Framework; from 31 March 2028 all participants must receive inbound OLO payments and comply with it.
deferredNov 14, 2026HIGH
SWIFT CBPR+ structured address mandate
SWIFT mandates structured postal addresses in all CBPR+ ISO 20022 messages. Unstructured address fields will no longer be accepted for cross-border payments. Financial institutions must ensure all counterparty address data is structured. Industry reports suggest ~44% of banks are behind schedule for Nov 2026 deadlines.
deferredNov 14, 2026HIGH
SWIFT CBPR+ SRP case management mandate
SWIFT mandates adoption of the Status Reporting Process (SRP) for case management in CBPR+ ISO 20022 messages. All participants must support standardized exception and investigation handling via camt messages. Also in Nov 2026: MT101 discontinuation. Full end of MT/MX coexistence targeted for Nov 2028.
unsourced dateMar 31, 2027HIGH
Visa/MC US merchant interchange class action settlement
Revised $38 billion settlement (Nov 2025) in US merchant class action against Visa and Mastercard, after 2024 $30 billion version was rejected. New terms: 10bp reduction in average effective credit interchange rate for 5 years, cap on standard consumer credit card rates at 1.25% for 8 years, new merchant rights to decline high-cost cards and add surcharges by card category including ability to refuse most expensive rewards cards. Covers approximately 12 million merchants. NRA, NACS, Walmart among objectors. Judge Cogan granted preliminary approval June 9, 2026. Final approval expected late 2026 or early 2027.
unsourced dateJun 30, 2028
Fedwire extended operating hours
The Federal Reserve Board announced on 9 October 2025 that the Fedwire Funds Service and the National Settlement Service will operate Sunday through Friday, including weekday holidays, with the same daily hours (Fedwire Funds 22 hours a day), implemented no earlier than 2028.
Cross-Border Connections3
SWIFT

Primary cross-border messaging for US banks.

CLS

Multi-currency FX settlement — largest by value.

FedNow International

Potential cross-border instant payment corridors under study.

Country Guides1
Latest Intelligence168
NewsOct 6, 2026
AICPDF and AIMRA Call Off 2 October 'No UPI Day' Protest After Meeting Finance Minister
A delegation of around 20 trade leaders led by Confederation of All India Traders secretary general Praveen Khandelwal met Union Finance Minister Nirmala Sitharaman in New Delhi on 30 September. The two associations have sought a deferment of the levy, a higher transaction threshold and the exclusion of merchant-to-merchant payments.
NewsOct 5, 2026
Liberia's Instant Payment Switch Passed 5.3 Million Transactions Since Its December 2025 Launch
Liberia's two-currency mobile money switch has cleared L$4.1 billion and US$22.2 million in its first eight months, according to figures the central bank presented to central bank governors, regulators, development partners and financial institutions in Ghana. The central bank named the PAPSS launch in Liberia and the switch's deployment as the two achievements of its modernisation agenda.
NewsOct 3, 2026
Pix Transfer Count Fell 3.1% in the Final Week of September, the Steepest Drop for That Week Since 2022
Transfer counts on Brazil's instant payment system dropped in the week of 24 to 30 September 2026, a window that includes the day the federal government outlawed fixed-odds betting by provisional measure. A Brasil 247 analysis found the decline sharper than in the final weeks of September in earlier years, while the value transferred rose 5.3 percent on the previous week.
NewsSep 30, 2026
The Clearing House Selects Quant for Tokenized Deposit Network Linked to RTP and CHIPS
The operator of RTP and CHIPS picked Quant for its tokenized deposit network and expects it to be available to participating institutions in the first half of 2027. The 24 September release names no participating bank and does not identify the ledger.
NewsSep 28, 2026
FedNow Will Support Cross-Border Transactions, Federal Reserve Financial Services Says
The international portion of each transaction will continue to travel through established correspondent banking arrangements.
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Reference Documents6
Operating Rules
Federal Reserve Operating Circular No. 6 (Fedwire Funds)
Federal Reserve · vJanuary 2026 · Jan 5, 2026
Federal Reserve Operating Circular No. 8 (FedNow Service)
Federal Reserve · vApril 2026 · Apr 1, 2026
FedNow Service Operating Procedures
Federal Reserve · vVersion 3.6 (April 2026) · Apr 28, 2026
RTP System Operating Rules
The Clearing House · vEffective 06-01-2026 · Jun 1, 2026
RTP Participation Rules
The Clearing House · vEffective 09-30-2026 · Sep 30, 2026
Regulatory Texts
CBPR+ Roadmap Beyond November 2025
SWIFT · vJune 2026 · Nov 15, 2026 (deferred per a later ClearingPost record)

Operations · United States

Assessment built from ClearingPost’s stored records. Operational monitoring is configured for 0 of the 7 ClearingPost systems here. An empty list is not evidence that nothing is happening.

Operational monitoring is not configured for any of the 7 ClearingPost systems in United States. ClearingPost does not assess their current service condition.

Active operational events

No active operational events recorded.

Recent incidents

  • IncidentEarlier record, one source per record
    FedACH multi-hour processing delay
    Recorded date: · FedACH / Nacha · Earlier incident record · Source: frbservices.org
    Source tier not recorded · Operator acknowledged

Upcoming maintenance (next 90 days)

Upcoming dated regulatory and scheme changes (next 12 months)