Same Day ACH, RTP®, and FedNow® are all similar yet different payment systems. Same Day ACH is an electronic payment system from NACHA that allows for same-day payments and money transfers. RTP® is a real-time payment system from The Clearing House (TCH) that allows for real-time payments from one account to another. The FedNow® service is from the Federal Reserve Banks that will facilitate real-time payments between banks and other financial institutions.

FedNow is an instant payments system that is set to going live in 2023, while both RTP and Same Day ACH are already available. One key difference between the two systems is that FedNow® has a significantly lower transaction limit of $500,000, while RTP and Same Day ACH have a limit of $1 million per transaction. FedNow® also has a liquidity management tool that supports instant payment liquidity transfers between FedNow® participants and financial institutions. 

These are just the beginning of the differences and the similarities between the three systems.