FPC compares U.S. payment rails in new faster payments report

The U.S. Faster Payments Council has released a new report comparing established and emerging U.S. payment rails, including FedNow, RTP, Visa Direct, Mastercard Send, Same Day ACH, stablecoins and tokenized deposits. The guide is designed to help organizations match payment options to use cases as faster payments become more diverse and more interconnected.

Why it matters: - The U.S. faster payments market now includes multiple rails with different settlement, speed, governance and fraud-management features. - The report is intended to help organizations choose the right payment method for specific use cases and understand where orchestration and interoperability matter. - Faster payments are expanding into more business and consumer workflows, from payroll access to government disbursements.

What happened: - The U.S. Faster Payments Council announced a new report from its Digital Assets Work Group: A Comprehensive Look at the U.S. Faster Payments Landscape for Optimal Operation. - The report compares FedNow® Service, RTP® Network, Visa® Direct, Mastercard Send™, Same Day ACH, stablecoins and tokenized deposits. - The announcement was made Sept. 10, 2026. - The FPC said the report is available for download from the Faster Payments Knowledge Center.

The details: - The report examines how the payment options differ across settlement, finality, speed, transaction limits, fraud management, governance and liquidity. - FedNow Service and RTP Network provide domestic instant settlement. - Visa Direct and Mastercard Send support card-based disbursements and broader reach. - Same Day ACH remains a high-volume batch payment option. - Stablecoins and tokenized deposits add programmable capabilities and new settlement approaches. - The report also reviews funds availability, settlement certainty, messaging and data capabilities, liquidity management, fraud prevention and mitigation, governance and programmability. - The report looks at interoperability challenges across the U.S. payments landscape and the growing role of payment orchestration. - Use cases covered include earned wage access, insurance claim payouts, B2B payments, treasury and cash concentration, consumer bill pay, government disbursements, Pay by Bank, loan disbursements and brokerage sweeps. - For more information on the FPC, its current work efforts or membership, the organization directs readers to FasterPaymentsCouncil.org.

Between the lines: - The report reflects a payments environment shifting from a single dominant rail mindset to a multi-rail strategy. - The inclusion of stablecoins and tokenized deposits signals growing interest in programmable money and settlement alternatives, even as traditional networks remain central. - Larry Pruss, managing director at Strategic Resource Management and vice chair of the Digital Assets Work Group, said the team's depth and diversity of experience shaped a practical perspective on the market. - Reed Luhtanen, FPC executive director and CEO, said the report brings different approaches into one resource to help the industry understand opportunities ahead.

What's next: - Organizations are expected to use the report as a reference point when evaluating payment rails for specific business and customer needs. - The FPC said the industry still needs better understanding of how different payment approaches can work together. - Broader faster payments adoption will likely depend on solving interoperability, governance and operational fit across rails.

The bottom line: - The FPC is positioning the report as a practical map of a more complex U.S. payments system, where the best rail depends on the use case, not just speed.