Module 4: ACH, Wire Transfers, and Real-Time Payments

Why does most money in the economy still not move on cards?

Cards get the attention, but the majority of money in any developed economy moves on bank rails: ACH, wire, and now real-time payments. These rails have entirely different economics, different latency, different finality, and different fraud profiles than cards. This module covers the four U.S. rails that matter for any operating business or fintech: ACH (debit and credit), Fedwire, CHIPS, and the real-time pair RTP and FedNow.

What you'll learn in this module

• How ACH batch processing actually works, the difference between same-day and standard ACH, and why returns can land days later
• The difference between Fedwire and CHIPS, and when each gets used for the same dollar movement
• The mechanics of irrevocable, real-time settlement on RTP and FedNow, and what that means for fraud exposure
• The economics of each rail, including per-transaction cost, settlement risk, and counterparty-bank requirements
• How to choose the right rail for a given business use case: payroll, AP, B2B invoice, instant payout, claims, refunds

The full module walks through real-world rail selection decisions and explains the operational and risk consequences of getting them wrong.