Payment Rails
Luqra Now processes payments through US payment networks. Each rail has different characteristics for speed, cost, and availability.
Availability
| Rail | Status | Settlement speed | Availability | Direction |
|---|---|---|---|---|
| ACH | Available | 1-2 business days | Business days | Inbound & Outbound |
| RTP | In development | Seconds | 24/7/365 | Outbound |
| FedNow | In development | Seconds | 24/7/365 | Outbound |
| FedWire | Planned | Same day | Business days | Outbound |
| SWIFT | Planned | 1-5 business days | Business days | Outbound |
ACH (Automated Clearing House)
Today, ACH is the only supported payment rail. Payments are batched and processed through the Federal Reserve or EPN (Electronic Payments Network).
- Speed: Standard ACH settles in 1-2 business days. Same-day ACH is available for payments submitted before cutoff times.
- Cost: Lowest cost per transaction among all rails.
- Limits: Varies; typically up to $1M per transaction for same-day ACH.
- Direction: Supports both inbound (debit) and outbound (credit) payments.
- Returns: ACH payments can be returned by the receiving bank using standard return codes (R01 through R85). Common returns include insufficient funds (R01), closed account (R02), and no account (R03).
Coming soon
RTP (Real-Time Payments)
RTP is The Clearing House's real-time payment network. We are actively building support for RTP.
- Speed: Settles in seconds, 24/7/365.
- Limits: Up to $1M per transaction.
- Direction: Credit push only (outbound).
- Availability: Requires receiving bank to be an RTP participant.
FedNow
FedNow is the Federal Reserve's instant payment service.
- Speed: Settles in seconds, 24/7/365 including weekends and holidays.
- Limits: Up to $500,000 per transaction (network limit; individual bank limits may be lower).
- Direction: Credit push only (outbound).
- Availability: Requires both sending and receiving banks to be FedNow participants.
Potential roadmap items
FedWire
Fedwire is the Federal Reserve's real-time gross settlement system for high-value payments.
- Speed: Same-day settlement during operating hours.
- Limits: No regulatory limit; practical limits set by individual banks.
- Direction: Credit push only (outbound).
- Availability: Business days only.
SWIFT
SWIFT is the international messaging network used for cross-border wire transfers.
- Speed: 1-5 business days depending on intermediary banks.
- Direction: Outbound only.
- Availability: Business days; timing depends on time zones and correspondent banking relationships.