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
1,800+
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 US Instant Payments-specific upcoming maintenance recorded.
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
541dMar 31, 2028
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.
Timeline
Jan 1, 2027
Federal Reserve Sets FedNow Statement Credits of Up to $80,000 From January 1, 2027
ClearingPostSep 24, 2026
The Clearing House Selects Quant for Tokenized Deposit Network Linked to RTP and CHIPS
ClearingPostSep 23, 2026
FedNow Will Support Cross-Border Transactions, Federal Reserve Financial Services Says
ClearingPostStored date 2026-09-14; precision not reviewed
FedNow participant count changed from 1,897 (Sep 8, 2026) to 1,901 (Sep 14, 2026). Recorded by ClearingPost on 2026-09-17.
Stored date 2026-09-14; precision not reviewed
FedNow participant count changed from 1,600+ participants (as of 2026-03-16) to 1,901 participating financial institutions (as of 2026-09-14). Recorded by ClearingPost on 2026-09-17.
Stored date 2026-09-08; precision not reviewed
FedNow participant count changed from 1,889 (Aug 31, 2026) to 1,897 (Sep 8, 2026). Recorded by ClearingPost on 2026-09-13.
Stored date 2026-08-31; precision not reviewed
FedNow participant count changed from 1,800+ (July 2026) to 1,889 (Aug 31, 2026). Recorded by ClearingPost on 2026-09-07.
Stored date 2026-08-31; precision not reviewed
FedNow subsystem record changed from 1,800+ participants (as of 2026-07-06) to 1,889 participating financial institutions (as of 2026-08-31). Recorded by ClearingPost on 2026-09-07.
Stored date 2026-08-31; precision not reviewed
RTP average daily value changed from $6.7B/day (July 2026) to $6.6B/day (Aug 2026). Recorded by ClearingPost on 2026-09-07.
Stored date 2026-08-31; precision not reviewed
RTP participant count changed from 1,322+ (July 2026) to 1,357+ (Aug 2026). Recorded by ClearingPost on 2026-09-13.
Stored date 2026-07-31; precision not reviewed
RTP participant count changed from 1,280+ (June 2026) to 1,322+ (July 2026). Recorded by ClearingPost on 2026-08-14.
Stored date 2026-07-31; precision not reviewed
RTP average daily value changed from $6.0B/day (June 2026) to $6.7B (daily avg, July 2026). Recorded by ClearingPost on 2026-08-14.
Jul 15, 2026
FedNow Average Payment Falls to $55,000 in Q2 2026 as Transaction Count Surges 83%
ClearingPostJul 1, 2026
RTP Customer Display Requirements for Credit Transfers and Request for Payments take effect, standardizing how payment details are shown to end users.
The Clearing HouseJun 30, 2026
RTP Q2 2026: 142 million transactions totaling $576 billion, daily average value $6.0 billion. New single-day peak: 1.8 million payments valued at $5.2 billion. July 4 weekend: over 1 million transactions at $4.9 billion, up from 773K at $563M in July 4, 2024.
The Clearing HouseStored date 2026-06-30; precision not reviewed
RTP participant count changed from 1,100+ financial institutions (as of 2026-02-13) to 1,280+ participants (as of 2026-06-30). Recorded by ClearingPost on 2026-07-28.
Jun 8, 2026
The Clearing House to Operate Tokenized Deposit Network With Bridge to CHIPS and RTP
ClearingPostJun 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 InsightsStored date 2026-06-01; precision not reviewed
Version Effective 06-01-2026, effective 2026-06-01. Recorded by ClearingPost on 2026-09-03.
May 22, 2026
Federal Reserve Proposes Limited Payment Accounts for Non-Bank Access to Fedwire and FedNow
ClearingPostMay 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 HouseMar 31, 2026
FedNow Q1 2026 statistics: 2,728,510 settled payments worth $271.3B. Daily average 30,317 transactions at $3.01B, a new quarterly daily volume record. Average payment value $99,414. Participants surpassed 1,600.
Federal Reserve Financial ServicesFeb 13, 2026
RTP processes 2.05 million payments in a single day, first time exceeding 2 million daily transactions
The Clearing HouseStored date 2026-01-05; precision not reviewed
Version January 2026, effective 2026-01-05. Recorded by ClearingPost on 2026-09-17.
Nov 30, 2025
RTP surpasses $1.3 trillion in total payments for 2025, a 428% increase from $246 billion in 2024
The Clearing HouseRelated Systems
FedNow
FPS · United States · Federal Reserve
Window: 24/7/365
ISO 20022: native · Gross
RTP
FPS · United States · The Clearing House (TCH)
Window: 24/7/365
ISO 20022: native · Gross
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 (44)
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.
NewsSep 7, 2026
Federal Reserve Sets FedNow Statement Credits of Up to $80,000 From January 1, 2027
The largest credits are reserved for institutions that enable FedNow send and also participate in the FedACH Receipt Discount Program.
NewsAug 29, 2026
Richmond Fed: US Instant Payments at 0.12 Per Capita, Far Behind Global Peers
Three years after FedNow launched, a Federal Reserve Bank of Richmond study finds that combined US instant payment volume amounts to less than one transaction per person every eight months, far short of adoption levels in leading Asian and Latin American markets.
AnalysisAug 18, 2026
FedNow at Three: Volume Nearly Doubles as Smaller Payments Drive Growth
Three years after launch, FedNow's quarterly transaction count jumped 83% to nearly five million in Q2 2026 while total settled value barely moved. The drop in average payment size from $99,000 to $55,000 points to a system expanding beyond early large-value adopters into routine commercial payments.
NewsJul 20, 2026
ASC X9 Publishes First US QR Code Payment Standard
The Accredited Standards Committee X9 released X9.150, creating a common framework for merchant-presented QR codes that can initiate push payments across FedNow, RTP, ACH, and emerging digital payment rails in the United States.
NewsJul 15, 2026
FedNow Average Payment Falls to $55,000 in Q2 2026 as Transaction Count Surges 83%
Federal Reserve quarterly data reveals FedNow's average payment size dropped 45% to $54,957 in Q2 2026, down from $99,414 the prior quarter. Total volume surged 83% to nearly five million transactions, though aggregate value of $274.7 billion barely budged from Q1.
NewsJul 10, 2026
FedNow Surpasses 1,800 Participants Ahead of Third Anniversary
In 2025, FedNow settled $853.4 billion across 8.4 million transactions. First-quarter 2026 activity reached 2.7 million transactions valued at $271.3 billion.
NewsJul 4, 2026
RTP Network Processes $576 Billion in Q2 2026 as Daily Average Hits $6 Billion
Network participation stood at over 1,260 financial institutions as of May 2026. The quarterly figure brings the RTP network's cumulative total since its 2017 launch to 1.6 billion transactions worth more than $3 trillion.
NewsJul 3, 2026
FedNow Surpasses 1,800 Participants With $853 Billion in 2025 Settled Value
The Federal Reserve's instant payment service now includes more than 1,800 financial institutions, adding roughly 200 since January 2026. Full-year 2025 data shows 8.4 million settled payments worth $853.4 billion, representing 459% volume growth over 2024.
RegulationJul 2, 2026
House Financial Services Committee Debates Fintech Access to Federal Reserve Payment Systems
Stripe Vice Chair Eileen O'Mara testified that current frameworks force payment companies into inappropriate regulatory categories. O'Mara argued that direct Fed access would benefit small businesses through faster settlement.
NewsJul 2, 2026
SWIFT Payments Scheme Goes Live with 25 Banks Across 11 Cross-Border Corridors
SWIFT activated its consumer cross-border payments framework at the end of June 2026, with more than 25 banks processing live transactions across corridors linking 11 countries including five of the world's ten largest remittance markets.
NewsJun 26, 2026
House Financial Services Committee Debates PACE Act to Open Fed Payment Rails to Nonbanks
Representative Young Kim highlighted the legislation as a payments modernization priority at the hearing.
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.
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.
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.
Reference Documents
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 3.6 (April 2026) · Apr 28, 2026
RTP System Operating Rules
The Clearing House · operating_rules · vEffective 06-01-2026 · Jun 1, 2026
RTP Participation Rules
The Clearing House · operating_rules · vEffective 09-30-2026 · Sep 30, 2026
Operational Track Record
No incidents recorded to date.
Tracker last updated: Sep 30, 2026