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Compare Pricing: FedNow® vs. RTP® Real-Time Payments

Compare FedNow® vs. RTP® for B2B Instant Payments

Enhanced Decision-Making for B2B Payments: Choosing between FedNow® and RTP® for your B2B transactions involves understanding key differences in speed, reliability, and compatibility. Our comprehensive comparison helps you identify which platform best suits your business needs for instant payments, ensuring efficient and secure transaction processing. This analysis provides a clear view of each system's strengths, from real-time fund availability to integration capabilities with existing financial infrastructure.

FedNow® vs. RTP®: The Best B2B Instant Payment Solution

FedNow® Real-Time Payments is a real-time payment system developed by the Federal Reserve, allowing businesses to send and receive instant payments 24/7/365. Unlike ACH, wire transfers, and credit card transactions, which can take days to process, FedNow® transactions settle within seconds, ensuring businesses have immediate access to funds.

Similarly, RTP® (Real-Time Payments), operated by The Clearing House, is another instant payment network designed for financial institutions and businesses. Both FedNow® and RTP® allow for immediate B2B payments, but they have key differences in network access, transaction limits, and use cases.

FedNow® vs. RTP®: Key Differences for B2B Instant Payments

Feature	FedNow® Real-Time Payments	RTP® (Real-Time Payments)
Operator	Federal Reserve	The Clearing House
Speed	Instant (seconds)	Instant (seconds)
Availability	24/7/365	24/7/365
Network Accessibility	Open to all U.S. banks & credit unions	Limited to TCH network banks
Transaction Limits	Up to $1M per transaction (bank-dependent)	Up to $10M per transaction
Settlement Finality	Immediate & irreversible	Immediate & irreversible
Best For	Businesses of all sizes, B2B, payroll, supplier transactions	Larger banks, high-value transactions, enterprise-level payments

How Do FedNow® and RTP® Work for B2B Payments?

FedNow® Real-Time Payments for B2B

1️⃣ A business initiates a payment request via the FedNow® network.
2️⃣ The transaction is processed instantly, with funds transferred within seconds.
3️⃣ The recipient receives immediate confirmation and access to funds.
4️⃣ The payment is final, ensuring a seamless and secure transaction.

RTP® Real-Time Payments for B2B

1️⃣ A business sends a payment request via an RTP®-enabled bank.
2️⃣ Funds are transferred in real-time, provided both parties use The Clearing House network.
3️⃣ Payments are final, preventing disputes or chargebacks.
4️⃣ Transaction confirmation is sent instantly, reducing reconciliation time.

Both systems offer real-time B2B payments, but FedNow® is accessible to all U.S. banks, making it more widely available for small and mid-sized businesses. RTP®, however, supports higher-value transactions up to $10M, making it better suited for enterprise-level B2B transactions.

FedNow® vs. RTP®: Which Is Better for B2B Instant Payments?

✅ Use FedNow® if your business needs:

• A widely available real-time payment system open to all U.S. banks and credit unions.
• Instant payments up to $1M per transaction.
• A cost-effective alternative to ACH, wire transfers, and checks.
• A secure and final settlement method that eliminates chargebacks.

✅ Use RTP® if your business needs:

• A payment network that supports larger transactions (up to $10M per payment).
• Access to The Clearing House network with enterprise-level banking support.
• A fast and secure B2B transaction system with full transparency.

FedNow® & RTP® for B2B: Common Use Cases

💼 Supplier & Vendor Payments – Pay suppliers instantly to strengthen relationships and avoid late fees.
💰 Payroll & Contractor Payments – Process instant salary and freelancer payments.
🏢 Intercompany Transfers – Move funds between business accounts efficiently.
⚡ Invoice & Recurring Payments – Reduce accounts receivable delays and boost cash flow.
📈 B2B E-commerce & Wholesale Payments – Improve checkout experiences with real-time payments.

How to Get Started with FedNow® or RTP® for B2B Payments

🔹 Check with Your Bank or Payment Processor – Determine whether your financial institution supports FedNow®, RTP®, or both.
🔹 Set Up a Real-Time Payment-Enabled Business Account – Register for a business account that allows instant transactions.
🔹 Integrate with Payment Systems – Use QuickBooks®, NetSuite, SAP, or other ERP solutions for seamless payments.
🔹 Educate Your Finance Team – Train employees to leverage real-time B2B payments for secure, instant transactions.

🚀 Optimize your B2B transactions with FedNow® or RTP® today! Contact us below to enable real-time payments and boost financial efficiency.

Creation Request for Payment Bank File

Enhance Your FedNow Real-Time Payments Payment Requests with FedNow’s ISO 20022 Messaging

Streamline Payments with Advanced Request for Payment Options:

Harness the power of FedNow's Request for Payment system to transform how you manage invoices and remittances. Our platform supports diverse data integration options, allowing payees to incorporate detailed invoice data directly within the RfP message or link to a comprehensive Merchant Page.

Flexible Invoice Details with ISO 20022 Messaging:

Leverage the flexibility of ISO 20022 messaging standards in our RfP system. You can choose to display crucial payment details directly in the message with a concise 140-character description, or through a dynamic "Hyper-Link" leading to a detailed Merchant Page. This Merchant Page can be hosted either on your website or TodayPayments.com/HostedPaymentPage.html through our seamless integration solution.

Customizable Merchant Pages for Enhanced Customer Experience:

Create a Merchant Page that not only details all the MIDs you own but also presents these options attractively to your customers through the RfP. This customization ensures that whether your payer opts for Real-Time Payment, Same-Day ACH, or Card transactions, they can easily navigate and complete their payments through a simple click on the hyperlink provided on your Merchant Page.

Call us today and receive the .csv or .xml FedNow® or Request for Payment (RfP) file you need—all during your very first phone call! We guarantee that our comprehensive reports integrate flawlessly with your bank or credit union. As pioneers in recognizing the benefits of RequestForPayment.com, we have stayed years ahead of our competitors. Although we are not a bank, our role as an "Accounting System" within the Open Banking ecosystem enables us to work with billers to create effective RfP files that seamlessly upload to the biller's online banking platform. U.S. companies rely on our expertise to learn how to deliver the RfP message directly to their bank with precision.

Our advanced solution, Today Payments' ISO 20022 Payment Initiation (PAIN.013), demonstrates how to create a Real-Time Payments Request for Payment file that sends a clear message from the creditor (payee) to its bank. Most financial institutions support the import of messaging and batch files for both FedNow® and Real-Time Payments (RtP), ensuring smooth processing. Once the file is correctly uploaded, the creditor’s bank processes the payment through a secure "Payment Hub"—with The Clearing House serving as the RtP Hub—and relays the message to the debtor's (payer's) bank. This streamlined approach not only accelerates transaction processing but also enhances transparency and reliability for all parties involved.

... easily create Instant Payments RfP files. No risk. Test with your bank and delete "test" files before APPROVAL on your Bank's Online Payments Platform. Today Payments is a leader in the evolution of immediate payments. We were years ahead of competitors recognizing the benefits of

Same-Day ACH and Real-Time Payments funding. Our business clients receive faster availability of funds on deposited items and instant notification of items presented for deposit all based on real-time activity. Dedicated to providing superior customer service and industry-leading technology.