# RTP Network

> Source: https://docs.barcoder.ai/docs/standards/rtp-network
> research date 2026-06-03 · extracted at 2026-10-06
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Real Time Payments — The Clearing House](https://www.theclearinghouse.org/payment-systems/rtp/institution)
- [RTP Technical Documentation — The Clearing House](https://www.theclearinghouse.org/payment-systems/rtp/technical-documentation)

## Overview

The **RTP® Network** (Real-Time Payments) is the instant-payment rail operated by **The Clearing House** (TCH), launched in **2017** as the first new core payments infrastructure in the United States in more than 40 years <sup>[1][1]</sup><sup>[2][2]</sup>. It operates 24/7, settles funds in real time, and is **credit-push only** — the payer instructs its institution to make the payment, and "settlement is final and irrevocable" <sup>[2][2]</sup>. RTP is built natively on the **ISO 20022** messaging standard <sup>[3][3]</sup> and includes a **Request for Payment** messaging capability <sup>[2][2]</sup>.

## History

The Clearing House — a membership organization owned by the major U.S. banks — launched the RTP network in **2017** <sup>[2][2]</sup>. TCH announced the first live payments on the network in November 2017, billing it as the "first new core payments system in the U.S. in more than 40 years" <sup>[1][1]</sup>. The network is managed by TCH and is the newest electronic bank-payment method in U.S. domestic banking <sup>[4][4]</sup>.

## Technical specification

RTP uses the **ISO 20022** standard for the messages that initiate payments and retrieve transaction status, and is notable for being all-ISO 20022 from launch with publicly documented message specifications <sup>[3][3]</sup>. Core message flows include:

- **pacs.008** — customer credit transfer; the only RTP message that results in settlement of funds between financial institutions <sup>[5][5]</sup>.
- **pacs.002** — payment status report giving an immediate response and status for each message, including reject reason codes <sup>[5][5]</sup>.
- **pain.013 / pain.014** — Request for Payment and its status report; the sender FI of an RfP can request cancellation via pain.013, and the receiver responds with pain.014 <sup>[5][5]</sup>.

Receiving institutions are required to make funds available immediately, and settlement is final and irrevocable <sup>[2][2]</sup>. Because the network is strictly credit-push, there are no pull/debit transactions — a payer always authorizes the outgoing payment <sup>[2][2]</sup>.

**Transaction limits.** The individual transaction limit began at **$25,000** under a risk-managed rollout, was raised to **$1 million**, and increased to **$10 million** on **February 9, 2025** — a tenfold increase enabling real-estate settlements, large B2B payments and corporate treasury operations <sup>[6][6]</sup><sup>[2][2]</sup>. As of 2026 the credit-transfer limit on the network is **$10 million** <sup>[2][2]</sup>.

## Use cases

RTP's **Request for Payment** (RfP) message functions like an electronic invoice or bill: it can include all the information a customer needs to remit payment, so the payer can approve and send it directly from their banking app <sup>[6][6]</sup><sup>[2][2]</sup>. This underpins bill pay, account-to-account funding, B2B/supplier payments and consumer-to-business flows. The higher $10 million ceiling explicitly targets real-estate settlements, large B2B payments and corporate treasury <sup>[6][6]</sup>. The credit-push, immediate-funds model also suits payroll, gig/earned-wage disbursements and insurance payouts.

## Implementations

RTP is a closed interbank network reached through a participating financial institution or an authorized third-party service provider; TCH publishes message specifications in its RTP technical documentation but does not offer a public open-source encoder/SDK <sup>[3][3]</sup>. Payment-platform vendors (for example treasury and payment-API providers) expose RTP connectivity to businesses on top of a sponsor bank, but there is no public reference implementation repository.

## Comparison

RTP and the Federal Reserve's **FedNow Service** are the two real-time, ISO-20022, credit-push interbank rails in the U.S.; both now carry a **$10 million** per-transaction ceiling <sup>[6][6]</sup><sup>[7][7]</sup>. RTP launched earlier (**2017**, operated by the privately owned **The Clearing House**), while FedNow launched in **2023** (operated by the **Federal Reserve**) <sup>[2][2]</sup><sup>[7][7]</sup>. RTP reaches roughly **71% of U.S. demand-deposit accounts** through over **950 financial-institution participants** (Q2 2025) <sup>[2][2]</sup>, while FedNow leverages the Fed's nationwide account relationships. The two are complementary rather than competing, and a rail-agnostic QR layer such as the ASC X9 Payment QR Code standard is designed to route a single scanned code over either RTP or FedNow (or ACH / push-to-card).

## Fun facts

- RTP was the **first new core payments system in the United States in more than 40 years** when it went live in 2017 <sup>[1][1]</sup>.
- RTP is unusual among U.S. rails in that **every message follows the ISO 20022 standard** from launch, with the specifications published online <sup>[3][3]</sup>.

## Status

**Active.** As of Q2 2025 the RTP network reached **71% of U.S. demand-deposit accounts** with **over 950 financial-institution participants** <sup>[2][2]</sup>, and the per-transaction limit stands at **$10 million** following the February 2025 increase <sup>[6][6]</sup>.

## Sources

[1]: https://www.theclearinghouse.org/payment-systems/articles/2017/11/20171114-rtp-first-new-core-payments-system
[2]: https://www.theclearinghouse.org/payment-systems/rtp/institution
[3]: https://www.moderntreasury.com/journal/how-rtp-works-a-look-at-iso-20022
[4]: https://www.moderntreasury.com/learn/what-is-rtp
[5]: https://www.cashbook.com/understanding-iso-20022-and-pain-messages-a-complete-guide/
[6]: https://www.moderntreasury.com/journal/rtp-for-developers
[7]: https://www.frbservices.org/news/press-releases/090525-fednow-transaction-limit-increase

1. [First New Core Payments System in the U.S. in more than 40 Years Initiates First Live Payments](https://www.theclearinghouse.org/payment-systems/articles/2017/11/20171114-rtp-first-new-core-payments-system) — The Clearing House, 2017
2. [Real Time Payments](https://www.theclearinghouse.org/payment-systems/rtp/institution) — The Clearing House, 2025
3. [How RTP works, a look at ISO 20022](https://www.moderntreasury.com/journal/how-rtp-works-a-look-at-iso-20022) — Modern Treasury
4. [What are Real-Time Payments (RTP)?](https://www.moderntreasury.com/learn/what-is-rtp) — Modern Treasury
5. [Understanding ISO 20022 and PAIN Messages: A Complete Guide](https://www.cashbook.com/understanding-iso-20022-and-pain-messages-a-complete-guide/) — Cashbook
6. [Real-Time Payments (RTP) for Developers](https://www.moderntreasury.com/journal/rtp-for-developers) — Modern Treasury, 2025
7. [FedNow Service Will Raise Transaction Limit to $10 Million](https://www.frbservices.org/news/press-releases/090525-fednow-transaction-limit-increase) — Federal Reserve Financial Services, 2025

## Deployments

_No country reports mention this standard by name._