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What are RTP payments and when can I use them?
What are RTP payments and when can I use them?

Learn what Real-Time Payments are, how they work, and when you can use them at Ramp.

Updated over a week ago

RTP, or Real-Time Payments, is a standard for payments in the United States, as well as the name of the underlying payments network. The term “RTP payment” is also used colloquialy to refer to a bank transfer using this standard.

The key features of RTP payments are that they can be made 24/7 (i.e. outside of working days or traditional banking hours), and funds are available within seconds by the receiving institution as soon as the transaction is processed.

Launched in 2017, RTP is one of several interbank payment networks available in the US, and one of the fastest-growing in terms of coverage.

RTP payments can only be sent and received for domestic transactions within the US, and only through banks and other financial institutions that participate in the scheme. According to the operator, RTP currently reaches 61% of US demand deposit accounts (DDAs).

When can I use RTP payments at Ramp?

Currently, RTP is one of the bank transfer methods available in the US for receiving payouts when selling crypto (the other being ACH).

When you select bank transfer as your preferred method to sell crypto using an RTP-supporting bank, our system automatically sends you your payout via RTP, as this is the fastest and most convenient option.

Conversely, if your bank doesn’t support RTP payments, your payout is sent via conventional ACH. There’s no extra cost for payments made via RTP over ACH.

What’s the difference between RTP and ACH payments?

Despite it also being operated by The Clearing House (the same institution that operates the widely available - but slower - ACH payment system), RTP runs on a different network and has yet to achieve full coverage across financial institutions in the country.

RTP payments are much, much faster than ACH payments - taking seconds, instead of days - and can be sent and received outside business hours.

Also unlike ACH, RTP payments are final and cannot be canceled or reversed once they’re completed.

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