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FedNow & RTP (Real-Time Payments)

Country: United States (US)  |  Payment Rail: real_time_payment

RealTimePayment Market Adoption: 45%

FedNow & RTP are the US Federal Reserve and TCH 24/7/365 instant interbank real-time gross settlement clearing systems.

🔄 User Payment Flow

  1. Customer selects FedNow / RTP instant bank transfer at checkout
  2. Checkout opens customer's online banking portal or presents Request for Payment (RfP) prompt
  3. Customer authorizes real-time bank debit via online banking authentication
  4. FedNow / RTP clears funds in seconds and transmits immediate settlement advice to merchant

⚙️ Characteristics & Settlement

Instant PaymentYES
Supports QRYES
Supports RecurringNO
Supports RefundYES

🛠️ Merchant Integration Steps

  • Merchant API issues Request for Payment (RfP) via acquiring gateway
  • PSP transmits RfP to customer's bank via FedNow / RTP network
  • PSP receives immediate settlement advice callback and confirms merchant order status