RTP
Real-Time Payments Network
RTP is The Clearing House's real-time payment network — launched 2017, covering 65% of US demand deposits.
RTP Key Facts
USA Rail · Bitwage
RTP Technical Specifications
How Bitwage Uses RTP
RTP (Real-Time Payments), operated by The Clearing House, was the first 24/7 US instant payment network, launching in November 2017 — six years before FedNow. It covers approximately 65% of US demand deposit accounts, including most major bank customers (JPMorgan Chase, Bank of America, Wells Fargo, US Bank, and hundreds of others).
Bitwage uses RTP for instant USD disbursements to US-based contractors whose banks participate in the network. When a contractor's bank is on RTP but not FedNow, Bitwage routes via RTP. When both are available, Bitwage selects based on current network performance and fee. The end result for the contractor is identical: instant credit in under 15 seconds.
For AP teams, the practical importance of RTP vs FedNow is minimal — both deliver instant payment. What matters is that Bitwage uses whichever real-time network is optimal for the specific receiving bank.
RTP vs SWIFT
Like FedNow, RTP is domestic USD only — it doesn't compete with SWIFT for cross-border payments. For domestic US contractor payroll, RTP eliminates the need for same-day wire transfers ($25+) and removes ACH's 1–2 day settlement delay. RTP is the right rail for US contractor payments; SWIFT is the last resort for international payments where no local rail is available.
Full stablecoin vs SWIFT comparisonRTP FAQ
Common questions about Real-Time Payments Network and how Bitwage uses it.
RTP is operated by The Clearing House (a private company owned by large banks), launched in 2017. FedNow is operated by the Federal Reserve, launched in 2023. Both are instant USD payment networks. RTP has wider bank coverage today; FedNow is growing rapidly. Bitwage uses both.
RTP covers approximately 65% of US demand deposit accounts as of 2024. Major banks (Chase, BofA, Wells Fargo, US Bank) all participate. Community banks and credit unions vary. Bitwage falls back to ach transfer for banks not on RTP or FedNow.
RTP supports transactions up to $1,000,000 per payment, which covers all standard contractor and vendor payment sizes. For payments above this threshold, Bitwage uses same-day wire or batch ACH depending on timeline.
Pay via RTP — Automatically
Bitwage routes payments through RTPwhen it's the optimal rail for your recipients. No configuration required.