Australia vs United States · Real-time payment systems compared
| Capability | NPP | RTP |
|---|---|---|
| QR Code Payments | — | — |
| Wallet Support | — | — |
| 24/7 Availability | ✓ | ✓ |
| Cross-Border | — | — |
| ISO 20022 | ✓ | ✓ |
| Request to Pay | ✓ | ✓ |
| Open API | ✓ | ✓ |
| Alias/Proxy | ✓ | — |
Australia's New Payments Platform is a real-time clearing and settlement infrastructure with the Osko overlay service for consumer-facing instant transfers. PayID lets users receive money via phone number, email, or ABN instead of BSB/account numbers. Built on ISO 20022 messaging from day one, NPP supports rich data payloads and is governed by NPPA with 100+ participating financial institutions. Note: NPP data includes all overlay services (Osko, PayTo, and other mandated payment services) — not just real-time consumer transfers.
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.