Real-time payments (RTP)

Real-time payments (RTP) are bank-to-bank transfers that clear and settle in seconds, around the clock, with the funds available immediately and the transfer final on arrival. In the US this runs on The Clearing House’s RTP network and the Federal Reserve’s FedNow; the UK’s Faster Payments is the same idea.

How it works

• Payments settle individually and instantly, not in overnight batches.
• The rail runs 24/7/365 — weekends and holidays included — so there’s no cut-off to wait past.
• Settlement is final: once it lands, it can’t be reversed, unlike ACH.

Real-time schemes also carry richer payment data, which makes the money easier to reconcile automatically at the other end.

Why it matters

For a platform, real-time settlement means a seller or contractor is paid the instant a job completes — no “it’ll clear Monday”. But the same finality that makes it useful makes mistakes permanent, so confirming the payee before sending matters more, not less. And instant rails often cost more than a batch transfer, so not every payment deserves one.

How Fynex does it

Fynex uses real-time rails where speed is the point and cheaper batch rails where it isn’t, routing each payout to the least-cost rail that meets the deadline — and it verifies payees before an irreversible payment leaves. See payouts.