Policy, Program and Procedures

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  • 1.  FedNow or RTP Procedures

    Posted 02-09-2024 03:39 PM

    Does anyone have any basic FedNow and/or RTP procedures to help get the process started? 

  • 2.  RE: FedNow or RTP Procedures

    Posted 02-13-2024 12:47 PM

    Hi there,

    For the benefit of other members, I think some background on RTP and Fed Now would be helpful. Launched in 2017, RTP (Real Time Payments) is a groundbreaking payment system that enables almost instantaneous fund transfers between bank accounts. It operates through a joint Federal Reserve Bank of New York account. It allows customers to send and receive payments around the clock. Additionally, in July 2023, the Federal Reserve introduced FedNow. This real-time payment service competes directly with RTP and but had $500,000 per transaction limit initially. Both platforms empower instant payments, benefiting banking institutions and customers alike.

    While I can't provide examples of internal procedures for these systems, I can point you to these helpful resources provided by both RTP and FedNow that can help you review or create your own.


    If you're interested in learning more about RTP (Real-Time Payments), you can check out the RTP Rules and Legal Framework established by The Clearing House. It covers participant responsibilities, error resolution, fraud reporting, and more. You can also access the RTP Rules Training videos and associated slides here: https://www.theclearinghouse.org/payment-systems/rtp/resources.

    For RTP documentation, including security requirements, risk management specifications, and fraud control, you can visit the Document Library: https://www.theclearinghouse.org/payment-systems/rtp/document-libraryThere are also instructions for Request for Payment (RFP) Sender Registration.

    Operational Circular 8 (OC 8) and subpart C of Regulation J apply to funds transfers made through the RTP network. These guidelines provide further details on operational procedures and requirements. RTP ensures swift, secure, and real-time payments for financial institutions and individuals alike.


    To ensure that the FedNow Service is used effectively, Operating Circular 8 (OC 8) and subpart C of Regulation J provide guidelines and requirements for participants using the service. These guidelines offer detailed information on the types of funds transfers that are eligible for processing through the FedNow Service, as well as the roles and responsibilities of the various participants in the service. Participants are required to comply with these guidelines to ensure that the service operates smoothly and securely. View Operating Circular 8 here: https://www.frbservices.org/resources/rules-regulations/operating-circulars.html

    The FedNow Service Operating Procedures provide in-depth operational information that covers expectations, requirements, and guidance on how to use the service effectively. These procedures provide detailed instructions on how to initiate and receive payments, manage errors, and perform other tasks related to the use of the service. By following these procedures, participants can ensure that their payment transactions are processed smoothly and securely. You can view the procedures here: https://www.frbservices.org/binaries/content/assets/crsocms/resources/rules-regulations/020124-fednow-operating-procedures.pdf

    For those looking for educational resources related to instant payments and the FedNow Service, the FedNow Explorer is an excellent resource that provides a wealth of information on the service. This resource provides information on the key features of the FedNow Service, how it compares to other instant payment systems, and ways in which organizations can prepare to use the service effectively. You can view the portal here: https://explore.fednow.org/

    I hope you find this information useful, but would welcome information or comments from other members.