Real-time payments with RTP®
This flow can be achieved in a single transfer when the source is a Moov wallet and the destination is a linked bank account eligible for RTP:
When a bank account is linked, Moov checks its eligibility to receive payments on the RTP network and creates the
rtp-credit payment method. About 60% of US demand deposit accounts can participate in the RTP network, with more banks adding support all the time.
Funds leave the Moov platform with RTP credits. You can specify the processing speed using the payment method types:
- Payment is processed instantly
- Funds are available to the recipient in moments
- Moov wallet balances are immediately decreased
Unlike ACH payments, which are processed in batches at particular time windows, RTP payments are processed instantly and settle individually. RTP credits are available to the recipient in moments, and the RTP network immediately sends confirmation once the payment is processed.
RTP payments are available 24/7/365.
When a payment is sent, it will be processed immediately and the network will respond with one of the following statuses:
Accepted: The payment was accepted and funds are available to the recipient. This corresponds to a
completed status on the transfer.
Accepted without posting: The receiving financial institution needs more time to process the payment. The funds have moved, but are not yet available to the recipient. This corresponds to a
pending status on the transfer. This outcome is rare.
Rejected: The payment was rejected. Moov will include the failure code and reason in the transfer response.