mmediate (real-time) payments are transacted via either the RTP® network and/or the FedNow® Service, both of which are entirely new, separate payment rails in the U.S.
Immediate payments are transfers of funds initiated 24 hours a day, 7 days a week, 365 days a year, via any channel (e.g., smartphones, tablets or digital wallets). An immediate payment clears and settles in real-time or near real-time (in seconds, not minutes or hours)
An immediate payment shares these characteristics:
CERTIFIED: Payment authenticity is guaranteed.
FINAL: Once a payment is sent, it’s complete.
IMMEDIATELY AVAILABLE: Funds are available immediately to payee.
INSTANTLY SETTLED: Financial institutions settle funds instantly.
CONFIRMED: Payee and payor receive notification of payment status.
With immediate payments, both the sender and the receiver of the transaction must be a participant of the respective immediate payment rail (either The Clearing House’s RTP® network and/or The Federal Reserve Bank’s FedNow® Service).