[masraum]

Originally Posted by KC911

I just did some reading on The Clearing House RTP (...not Resesrch Triangle Park ... my ancient stomping grounds) ... Real Time Payment network .... it's bigly .... almost everyone with a bank acct... but it's a baby now .... the future is here .

Steve ... whaddaya thinks?

And believe me.... my 1st use was secure .... and awesome.

They are moving peanuts now tho' .... it will explode.

Why use a Venmo (NFW for me) or even Zelle?

Imafan...

Anytime that I see "RTP" I think either Research Triangle Park, or occasionally, Real-Time Transport Protocol.

I hadn't done much reading on it, but I found this on the interwebs so it must be 100% factual!

I like that the first bit differentiates between RTP and FedNow. And the second bit is more specific to Zelle. It seems that Zelle (which my CU uses) is via RTP if both parties are on the RTP network, but if not, then it goes back to its original method.

Real-time payments are here, and banks, consumers and commercial customers all can benefit from transactions settling instantly. The Clearing House Real Time Payment network (RTP) started processing in 2017, and the Federal Reserve’s FedNow Service is expected to go live in 2023. RTP uses a shared pre-funded joint account to settle transactions, while FedNow will be linked to a bank’s master account at the Federal Reserve.

Zelle began as a P2P service that gave immediate credit to customers but settles transactions later using the Automated Clearing House, and in some cases, settlement occurs via RTP when both banks are capable. Zelle appears to be an instant payment from the user perspective — and it actually is — when it uses RTP to settle transactions in real time.

Originally Posted by KC911

^^^^ I wuz asking the other Steve ... yer already on my Christmas List!

Nevermind SteveM ... I see where Zelle originated ... and by whom .... bastids .... all three of them BIGLY bank bastids

Yours is tolerable .... since I never worked there

T-Rex

Funny thing, I don't use "my bank" for banking. I eventually opened an account (after working there/here for a few years) and keep <$50 in it. I think I did that so I could more easily move money around in the days before Zelle and so I could easily get stuff notarized.

I'm a member of a credit union and have been since I was 15, so that's what I use for all of my banking.