US Instant Payments (FedNow + RTP)

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.

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.

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.

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.

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.

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.

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.

TCH's RTP network processed $480 billion in Q1 2026 and crossed 2 million daily transactions for the first time, as The Clearing House prepares domestic correspondent bank access for September and develops an IXB cross-border pilot with EBA CLEARING and SWIFT.

The API targets authorized push payment fraud, a category where senders are manipulated into making legitimate-seeming transfers.

Nonbank payment firms currently route Federal Reserve payment transactions through bank intermediaries. The bill's sponsors cite intermediary markups of up to 100 times the Fed's per-item processing fees.

The Federal Reserve and The Clearing House are independently extending FedNow and RTP beyond US borders through structurally different mechanisms, with RTP targeting a September 2026 correspondent bank launch and FedNow pursuing a regulatory amendment to Regulation J.

This is the third Same Day ACH limit increase since the service launched with a $25,000 ceiling in September 2016. The cap rose to $100,000 in 2020. Nacha raised it to $1 million on March 18, 2022.

The Federal Reserve Banks collectively operate the Fedwire Funds Service and FedNow Service as part of their technology infrastructure.

The OCC moved to block Illinois from restricting interchange fees on tax and gratuity amounts, issuing preemption determinations on April 26 that override a February court ruling upholding the state law. The Seventh Circuit will hear the IFPA appeal in mid-May as the July 1 effective date approaches.

The Clearing House's RTP network will begin supporting correspondent bank activity in September 2026, expanding the reach of US instant payments to institutions without direct network connections as the rail posts $480 billion in first-quarter volume.

In April 2026, both US instant payment services took concrete steps toward international capability. The Fed's Regulation J proposal would enable intermediary bank participation on FedNow, while RTP's mandatory On-Behalf-Of compliance deadline introduced explicit rules for identifying cross-border transactions.

Q1 2026 data from the Federal Reserve and The Clearing House show both US large-value payment systems running above their 2025 full-year averages. CHIPS volume growth has outpaced Fedwire for the second consecutive year.

Sending institutions can query the volume and value of recent transactions involving a receiver account across the FedNow network.

Nacha reports 403 million Same Day ACH payments in Q1 2026, up over 23% year-over-year. Total ACH Network value reached $24.1 trillion across 8.9 billion payments. B2B volumes grew 9.4% to nearly 2.1 billion transactions.

Phase 2, effective June 2026, removes volume thresholds and extends fraud monitoring requirements to all ACH Network participants.