Comparison
FedNow vs RTP: what's the difference?
Quick answer
FedNow and RTP are both US instant payment networks that settle in seconds, around the clock, with a $10 million limit per payment. The main difference is who runs them: the Federal Reserve operates FedNow, and The Clearing House, a company owned by large banks, operates RTP. Your bank decides which networks it joins.
Updated October 2026. Evergreen page — refreshed in place as facts change.
FedNow and RTP side by side (2026)
The two networks do the same job with different owners and reach:
| FedNow | RTP | |
|---|---|---|
| Operator | Federal Reserve | The Clearing House (owned by large US banks) |
| Launched | July 2023 | November 2017 |
| Hours | 24/7/365 | 24/7/365 |
| Network limit per payment | $10 million (since November 2025) | $10 million (since February 2025) |
| Settlement | Banks' accounts at the Federal Reserve | A prefunded joint account held at the Federal Reserve |
| Participants | 1,800+ institutions, mostly community banks and credit unions | 1,000+ institutions, including the largest US banks |
| Payment type | Credit push only, plus request-for-payment messages | Credit push only, plus request-for-payment messages |
Do FedNow and RTP connect to each other?
No. A payment travels over one network, so the sender's bank and the recipient's bank must both be on the same one. Many banks and payment providers have joined both, and route each payment to whichever network the recipient's bank can receive on. For you, the practical question is simply whether the recipient's account can receive instant payments.
Which network is bigger?
RTP has a six-year head start and its owner banks include the country's largest, which gives it deep reach into big-bank accounts and the longer record of high-value business use. FedNow has more participating institutions, most of them community banks and credit unions that joined through the Fed services they already use. Each is growing, and the gap that matters to you is whether your counterparties' banks are on at least one of them.
For a business, does it matter which one you use?
Mostly no. The questions worth asking your provider are:
- Can my account send instant payments, or only receive them?
- What is my per-payment and daily sending limit?
- Does it reach recipients on both FedNow and RTP?
- Does it support request-for-payment messages, so customers can approve a payment from their own banking app?
- What does each instant payment cost compared with ACH?
When to use an instant payment instead of ACH or a wire
Use an instant payment when money has to arrive now or outside business hours, and you want confirmation that it did. Use ACH for batches like payroll, recurring vendor payments, and anything you need to pull by debit, since neither instant network can debit an account. Use a wire when a counterparty insists on one, such as a title company at a closing, or for payments abroad.
Instant payments from an Anytime Capital business account
Anytime Capital business accounts receive RTP and FedNow payments to account and routing numbers in the business's own name, and send RTP or FedNow transfers to any US bank account that receives instant payments, any day, with confirmation the moment the money lands.
Frequently Asked Questions
Is RTP the same as FedNow?
No. They are separate networks with separate operators: RTP is The Clearing House's, FedNow is the Federal Reserve's. They work much the same way and have the same $10 million network limit.
Are RTP and FedNow payments reversible?
Neither is. Both are final once sent. A sender can request a return, but the recipient decides whether to send the money back.
Can I use RTP or FedNow to collect a payment?
Not by debiting the payer. Both are push-only. You can send a request for payment, which the payer approves and pays from their own banking app, if their bank supports it.
Why does my bank only receive instant payments?
Receiving carries little risk for a bank; sending requires fraud controls and liquidity management. Many institutions joined FedNow receive-only first and add sending later.
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Important Disclosures
- Third-party fees, timings, and product details cited on this page are industry-typical figures as of the date shown and may have changed. Verify current details with the relevant institution.
- Additional identity verification may be required depending on transaction type and amount.
- Anytime Capital is a licensed money services business. Information on this page is educational and is not financial, legal, or tax advice.
- Anytime Capital is a fintech company, not a bank. Banking, card and payment services are provided by Anytime Capital's licensed partners, and each product's terms are shown at sign-up.