NEW YORK–A near 200% surge in payments on the RTP Network during the second quarter is being credited to businesses and financial institutions embracing larger, faster transactions, thanks to the network’s increased transaction limit of $10 million in February.
The RTP network is the largest instant payments system in the United States and is operated by The Clearing House. It averages 1.18 million payments each day, and processed $481 billion in payments in Q2, a 195% leap in value from the previous quarter, the organization said.
‘Transformed How Money is Moved’
“This upgrade has transformed how money moves. From real estate deals to portfolio transfers and complex B2B payments, the RTP network is now handling major transactions with instant speed and guaranteed settlement,” the RTP Network said. “The result? The average payment size skyrocketed from just $842 in January to more than $4,000 by June, a 376% increase.”
The Clearing House said more than 300,000 businesses are using the RTP network each month through their financial institutions to power supply chains, pay vendors, settle bills, and streamline merchant payments.
In addition, the Clearing House said transaction volume also climbed 8% in Q2, reaching more than 107-million payments, which equates to 98% of instant bank-to-bank payments in the United States.
Key Drivers
Key drivers included account-to-account (A2A) transfers, digital wallet defunding, gig economy payouts, and merchant settlement, as payment providers expanded real-time options for consumers and businesses alike, according to the Clearing House.
It added the RTP network now has more than 1,000 banks and credit unions now live on the platform, a 51% increase year-over-year.
