US Real-Time Payments: Frequently Asked Questions

1. What are Real-Time Payments?

Real-Time Payments (RTP®) are a new USD domestic payment transfer method implemented by The Clearing House, a US banking association and payments company. Real-Time Payments are one of the most significant payment settlement changes in the US in last 40 years that will replace, in part, other payment settlement methods (Cash, Check, ACH, Cards and Wires).

Real-Time Payments will provide consumers, businesses, and governments the ability to immediately send and receive Real-Time Payments, up to USD25,000, from accounts at Financial Institutions anytime 24/7/365, delivering real-time access to funds within seconds.

2. Who can send and receive Real-Time Payments?

Both the sender and the receiver of Real-Time Payments must have accounts at one of the certified RTP Participating Financial Institutions. Currently, about 50% of all accounts in the US are eligible to receive Real-Time Payments and more Financial Institutions are certifying as RTP Participants each month.

3. How do I know if a payment I received is a Real-Time Payment?

Real-Time Payments will have unique identifiers that will identify them specifically as Real-Time Payments. These will be indicated online, as well as on paper and electronic statements.

4. What is the difference between Real-Time Payments and other payments?

This type of Domestic USD payment is final and irrevocable. As such, it cannot be automatically recalled or returned. As a credit transfer payment, the sender will always need to authorise the initiation and release of the Real-Time Payment. Real-Time Payments are delivered immediately, 24 hours a day, 7 days a week, 365 days a year with no weekend, Holiday or cut-off time delays.*

* You may not be able to view the updated balances immediately on HSBCnet if the Real-Time Payments are credited during the end of day processing window.

RTP® is a registered service mark of The Clearing House Payments Company L.L.C.