Canada vs United States · Real-time payment systems compared
| Capability | Interac e-Transfer | RTP |
|---|---|---|
| QR Code Payments | — | — |
| Wallet Support | — | — |
| 24/7 Availability | ✓ | ✓ |
| Cross-Border | — | — |
| ISO 20022 | — | ✓ |
| Request to Pay | ✓ | ✓ |
| Open API | ◐ | ✓ |
| Alias/Proxy | ✓ | — |
Canada's dominant person-to-person and business payment system, used by virtually every Canadian with a bank account. Interac e-Transfer enables instant transfers via email address or phone number across all major Canadian banks and credit unions. Originally a next-day service, it was upgraded to real-time settlement in 2022. Interac processes over 1B transactions per year with CAD 900B+ in value, making it one of the world's highest per-capita instant payment systems. Operated by Interac Corp (jointly owned by Canadian financial institutions), it also supports Interac Debit for point-of-sale and Request Money for invoicing.
The first modern US instant payment system, operated by The Clearing House (owned by 22 of the largest US banks). RTP launched in 2017 and supports credit transfers up to $1M with immediate finality — no chargebacks or returns. It also offers Request for Payment (RfP) messaging for bill pay and invoicing. While FedNow provides Fed-backed infrastructure, RTP has a head start with broader bank connectivity and higher transaction limits, and processes the majority of US instant payment volume today.