FedNow vs ACH vs CHIPS
Which US payment system fits your payment? Compare speed, limits and who can use each one.
FedNow and RTP send money in seconds at any hour, up to $10 million. ACH moves payments in batches, and settles on the next banking day or, for Same Day ACH, at 1:00, 5:00 or 6:00 p.m. ET, up to $1 million. Fedwire sends one payment at a time on business days, up to $10 billion. CHIPS is a network for large banks that you cannot choose yourself. Your bank decides which of these it offers, so ask it.
Which System Fits My Payment?
FedNow, RTP, ACH, Fedwire and CHIPS Compared
| FedNow | RTP | ACH | Fedwire | CHIPS | |
|---|---|---|---|---|---|
| Run by | Federal Reserve Banks | The Clearing House | Rules by Nacha. Federal Reserve Banks and The Clearing House process it | Federal Reserve Banks | The Clearing House |
| How it moves | One payment at a time, in seconds | One payment at a time, in seconds | In files, at set times | One payment at a time | Continuous settlement between participant banks |
| Runs | Around the clock, every day | Around the clock, including holidays | Banking days, in windows | 22 hours a day on business days | Not stated by the operator |
| Limit per payment | $10 million | $10 million | Same Day: $1 million, and $10 million from 17 September 2027 | $10 billion | Not stated |
| Who can use it | Participating banks and credit unions | Any federally insured depository institution, and some others | Reaches all US bank and credit union accounts | Participating banks and credit unions | 43 direct participant banks |
| Scale | Live since 20 July 2023 | 142 million payments, $576 billion, in Q2 2026 | 35.2 billion payments, $93 trillion, in 2025 | No figure here | More than $2 trillion a day, in 2025 |
Which Systems Does My Bank Offer?
Banks do not always say which system carries a payment. Ask your bank if it offers FedNow or RTP, and what its own limits and cut-offs are. The operators publish lists of participating institutions:
FedNow participants RTP participants Fed routing directoryThe FedNow list is an Excel file, and its terms, like the Fed's routing directory, do not allow the information to be sold, re-licensed or used for commercial gain. This page therefore links to the lists and does not copy them.
Go Deeper
FedNow
FedNow is the Federal Reserve's instant payment service. It went live on 20 July 2023, and it processes payments within seconds, 24 hours a day, every day, including weekends and holidays. The network limit for a customer payment has been $10 million since 12 November 2025, and it was $1 million before that. A bank can set a lower limit for its customers. You do not use FedNow directly. Your bank does, when it offers instant payments.
RTP
The RTP network is The Clearing House's instant payment system, and it has run since 2017. The Clearing House says it works around the clock, including bank holidays, weekends and after hours, and that settlement is final. The limit is $10 million per payment, raised from $1 million in February 2025. The Clearing House counted over 1,357 participants in August 2026, and any federally insured depository institution can join. FedNow and RTP do the same kind of job, and a bank may offer one, both or neither.
ACH
The ACH network carries direct deposits, bill payments and bank-to-bank transfers. Nacha writes its rules and says it can reach all US bank and credit union accounts. It handled 35.2 billion payments worth $93 trillion in 2025, including 8.74 billion direct deposit payments and 17.16 billion consumer bill payments and other debits. ACH works in files, so a payment settles when the file does, not the moment you press send. See the ACH page for the Federal Reserve's settlement times. Same Day ACH settles the same banking day, and its limit is $1 million per payment. Nacha's members approved a rule on 27 April 2026 that raises it to $10 million from 17 September 2027, and international payments stay excluded.
Fedwire
The Fedwire Funds Service is the Federal Reserve's wire service for individual electronic funds transfers of up to $10 billion. It runs 22 hours a day on business days. The Board has announced that it will add Sundays and weekday holidays no earlier than 2028. Our Fedwire page has the hours, cut-offs and holidays.
CHIPS
CHIPS is The Clearing House's private-sector network for high-value US dollar payments between banks. It has 43 direct participant banks and processes more than 630,000 transactions on each business day, with an average daily value of $2.014 trillion in 2025. Once a payment is released and settled on CHIPS, the settlement is final and irrevocable. It is built for institutions with significant wire activity. As a person or a company you cannot send a payment on CHIPS yourself. If you send a wire, your bank decides how the payment travels.
If You Send to the Wrong Account
Speed makes mistakes harder to undo, so check the recipient before you send. For ACH, Nacha's rules let the sender reverse an erroneous payment, for reasons such as a duplicate, the wrong receiver or the wrong amount, if the reversal is sent within 5 banking days after the settlement date. Nacha's rules also give a longer return period, 60 days, for debits that a consumer says were unauthorized or in error. For instant payments and wires, call your bank at once and ask what it can do. Do not assume the money will come back.
What Each Costs
Banks set the fee for each of these, and it differs between banks and account types. We found no public source for typical fees, so we do not quote any. Check your bank's fee schedule, and ask whether the fee changes with the speed.
What This Page Uses
FedNow: the Federal Reserve Financial Services' notice of 12 November 2025, the Board's FedNow page and its announcement of 20 July 2023. RTP and CHIPS: The Clearing House's RTP and CHIPS pages and its 2025 CHIPS results. ACH: Nacha's volume statistics, its Same Day ACH limit rule and its reversals rule, with the Federal Reserve's FedACH schedule. Fedwire: the Board's announcement of 9 October 2025. We last checked on 19 September 2026.
Frequently Asked Questions
What is the difference between FedNow, ACH and CHIPS?
FedNow is the Federal Reserve's instant payment service, and it works around the clock. ACH moves payments in files at set times, so payments settle on the next banking day or, for Same Day ACH, at 1:00, 5:00 or 6:00 p.m. ET. CHIPS is a private network that large banks use to settle high-value dollar payments between them, and you cannot use it directly.
Is FedNow the same as RTP?
No, but they do a similar job. FedNow is run by the Federal Reserve Banks, and RTP is run by The Clearing House. Both move money within seconds at any hour, up to $10 million per payment. A bank may offer one, both or neither, so ask your bank.
How fast is FedNow?
The Federal Reserve says the FedNow Service processes and settles individual payments within seconds, 24 hours a day, every day, including weekends and holidays. The payment still needs both banks to take part, and a bank can hold a payment for its own checks.
What is the FedNow limit?
The network limit for a customer payment is $10 million. It rose from $1 million on 12 November 2025. Your bank can set a lower limit for you.
What is the Same Day ACH limit?
It is $1 million per payment today. Nacha's members approved a rule on 27 April 2026 that raises it to $10 million per payment from 17 September 2027. International ACH payments stay excluded.
Can I use CHIPS?
Not directly. The Clearing House says CHIPS has 43 direct participant banks and is built for institutions with significant wire activity. If you send a wire, your bank decides how the payment travels, and it may use CHIPS or Fedwire.
What is the difference between CHIPS and Fedwire?
Both carry high-value US dollar payments between banks. Fedwire is run by the Federal Reserve Banks, sends individual transfers of up to $10 billion, and runs 22 hours a day on business days. CHIPS is run by The Clearing House, and settles continuously between its participant banks, with a liquidity-saving method that offsets payments.
Which is best for payroll?
ACH is the usual choice. It is the network behind direct deposit, and Nacha counted 8.74 billion direct deposit payments in 2025. Ask your bank or payroll provider whether it can send Same Day ACH if your payroll is late.
Which is best for a real estate closing or a large payment?
A wire is the usual choice for a large one-off payment, and Fedwire takes individual transfers of up to $10 billion. Ask the receiver what it accepts, and ask your bank about its wire limit and cut-off. FedNow and RTP take up to $10 million if both banks offer them.
Can I reverse an ACH payment?
Sometimes. Under Nacha's rules a sender can send a reversal for an erroneous payment, for reasons such as a duplicate, the wrong receiver or the wrong amount, within 5 banking days after the settlement date. Nacha also gives a longer return period, 60 days, for debits that a consumer says were unauthorized or in error. Instant payments and wires are harder to recall, so call your bank at once.
Which is cheapest?
Banks set their own fees, and they differ between banks and account types. We found no public source for typical fees, so we do not quote any. Check your bank's fee schedule.
Can I send money abroad with FedNow, ACH or CHIPS?
No. These are systems inside the United States. An international payment goes as an international wire, usually over SWIFT, and your bank may use Fedwire or CHIPS for the US part.
How many banks use FedNow and RTP?
The Federal Reserve publishes the list of FedNow participants, and it was updated on 14 September 2026. The Clearing House counted over 1,357 RTP participants in August 2026. Both lists are on the operators' sites, and the FedNow list is an Excel file that its terms bar from commercial use, so we link to it.
Where do these figures come from and how current are they?
From the operators' own pages: the Federal Reserve for FedNow and Fedwire, The Clearing House for RTP and CHIPS, and Nacha for ACH. Each is named in "What This Page Uses". We last checked on 19 September 2026. Limits change, and the Same Day ACH limit is due to change in 2027, so check the sources if it matters.
Is anything I type stored or sent?
No. The guide runs in your browser. Nothing you type is sent to a server or saved by this page.
