RTP (Real-Time Payments) is a payment system in the United States that allows for instant money transfers between banks. The RTP network, operated by The Clearing House, enables transactions to be completed almost immediately, providing a fast and efficient way to transfer funds. When people refer to an RTP payment, they are typically talking about a bank transfer that uses this real-time payment 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 Network?

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.

RTP vs ACH comparison

Feature	RTP (Real-Time Payments)	ACH (Automated Clearing House)
Speed	Seconds	1-2 business days
Availability	24/7	Business hours only
Coverage	61% of US DDAs	Nearly all US financial institutions
Transaction Reversibility	Non-reversible (cannot be canceled)	Reversible (can be canceled)
Cost	No extra cost over ACH	Typically low cost

How to Find Out If RTP is Supported by Your Bank

To determine if your bank supports RTP, you can:

Contact your bank's customer service and inquire about RTP support.
Check your bank's online resources or FAQs.
Look for information on your bank's website about supported payment methods.

🔖 Important Notices

Non-reversible Transactions: RTP payments are final and cannot be canceled or reversed once they’re completed. If you encounter any issues or have questions about your transaction, please contact our support team immediately for assistance.