The RTP network—the first new payment rail launched in the United States in four decades—is a bank-driven system for instant processing and settling of payments. Launched by the Clearing House and live since 2017, RTP is currently racing to connect as many U.S. depository institutions as possible. On the latest episode of the ABA Banking Journal Podcast, James Aramanda of the Clearing House and ABA President and CEO Rob Nichols discuss:

• How RTP works, including its messaging function that allows for real-time invoicing and other advances.
• RTP’s commitment to serve all financial institutions with flat pricing and no volume discounts.
• What RTP is doing to work with core processors—including underwriting banks’ core implementation fees—to accelerate RTP adoption and achieve ubiquity by the end of 2020.
• Why banks should consider joining RTP now, even if the Federal Reserve moves forward with its own 24/7/365 payments system.