The real-time payments system created by The Clearing House, owned by U.S. banks, is officially up and running as of yesterday, according to the banks.
BNY Mellon and US Bank carried out the first transaction of the RTP (short for real-time payments) network at approximately 5pm yesterday, moving $3.50 USD through two different accounts — for the same customer — at the two banks.
The transaction processed in 3 seconds, a far cry from the three days or so it normally takes to process an ACH transfer.
