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What is considered a real-time payment?

To be considered a real-time payment, a payment service must be able to allow users to initiate, send, and receive payments instantaneously or nearly-instantaneously (i.e. within a few minutes). The Real-Time Payment Network, Zelle, FedNow, and Venmo are all examples of real-time payment services.

A timeline of payments in the United States

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RTP (Real-Time Payments) is a payment processing network used to send money electronically between banks in the United States.

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RTP (Real-Time Payments), allows users to initiate, send, and receive payments instantaneously, 24/7 and 365 days a year.

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Zelle is a real-time payment.

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The difference between a wire transfer and a real time payment is that real-time payments take place and settle instantly, but wire transfers can take anywhere from a few minutes to 24 or more hours, depending on the financial institutions involved in the transactions.

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While PayPal is not an official part of the Real-Time Payments (RTP) Network itself, it is a service provider that can provide instant payments.

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More than 280 banks and credit unions are currently utilizing the Real-Time Payments (RTP) Network.

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The RTP limit for single transactions is currently $1,000,000, raised from $100,000 in 2022.

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