Cheryl Gurz Product Manager with RTP at The Clearing House in this episode is explaining the key functionality of RTP and the backend.

Here are the key takeaways from the interview:

• TCH basically works to recoup the losses - they are not for profit.
• Zelle does instant clearing but not settlement, while RTP is the first network in the US where clearing and settlement are done together on the good funds model.
• Majority of payments are executed in 3.5 seconds.
• 5 million of RFPs were processed last year (2024).
• "pending issue" is there because of the batch posting by banks. They post the transaction at the end of the day, the available balance will change.
• Pricing - TCH is charging $0.045 per credit but your bank can charge as much as they want to.
• 43% of the RTP payments are made after the standard banking hours.
• The banks that are on the RTP network have to make the funds in the credit transaction within 5 seconds 24/7. 
• "You don't need to know how the payment is made"

Meet us at AFP, booth #618!!!

Cheryl's LinkedIn: https://www.linkedin.com/in/cheryl-gurz-0871287/

As always, check out my Substack and specifically my post about Requests for Payments.

Find RFP documentation here: https://drive.google.com/file/d/1vUGD14WbFvVB5iy7Zy9QcnIYKLr-riIM/view?usp=sharing