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"Since the launch of FedNow, the adoption of TCH-RTP has also intensified. As non-compatible networks, TCH-RTP and FedNow must compete for bank adoptions. At the moment, TCH-RTP has a larger network and offers more services than FedNow. But FedNow might still win out - even if it shouldn't."

Early Warning Services, LLC. (EWS), the owner and operator of the Zelle Network, and The Clearing House (TCH), the operator of the RTP network, today announced that financial institutions (FIs) can now settle Zelle payments over the RTP network, the real-time payment system in the United States. PNC Bank and U.S. Bank have successfully completed a pilot of the integration, transmitting money using Zelle over the RTP network. Additional FIs will integrate the two networks and start testing later this year.

EBA Clearing, The Clearing House (TCH) and SWIFT announced that the delivery of the Immediate Cross-Border Payments (IXB) pilot service is on track. Developed with the support of 25 financial institutions from both sides of the Atlantic, the IXB pilot service will leverage existing real-time payment systems RTP in the United States, run by TCH, and RT1 in Europe, run by EBA Clearing. IXB will begin processing the first live transactions in the EUR and USD currency corridor in the coming months.

The RTP network has a single price for all participants with no volume discounts, no volume commitments and no monthly minimums to ensure that financial institutions of all sizes participate on the same terms. Financial institutions pay only for the transactions they originate.

"Although FedNow is not a CBDC, that's not to say there is no reason to object to it. Faster payments are needed in the United States, but FedNow is not the only option. FedNow was announced in 2019, but that was two years after the Clearing House (TCH) introduced the Real‐​Time Payments (RTP) Network. In fact, while not offering instant payments, even just expanding the operating hours of Fedwire and the National Settlement Service (NSS) to run 24x7x365 would have improved the U.S. financial system. Yet, the Federal Reserve seems to have chosen to ignore the simpler option and walk over the private sector. Both choices are grounds for fair and longstanding objections to FedNow."