Real-Time Payments Milestone: RTP Network Exceeds 1M Transactions in a Single Day

RTP Network Surpasses 1 Million Daily Payments Milestone, Driven by Increased Adoption and Innovative Use Cases

NEW YORK, September 2, 2022 – The RTP Network, operated by The Clearing House, has reached a significant milestone by processing over one million daily payments on September 1. This achievement is a testament to the growing popularity of real-time payments among financial institutions and their customers, who are embracing the numerous benefits offered by the network. These benefits include immediate funds availability, confirmation of payment receipt, and enhanced control over payment timing.

The RTP network, which already handles more than 60 million transactions each quarter, is experiencing a surge in volume as more financial institutions leverage its real-time payments capabilities to address real-world challenges and introduce innovative solutions.

Some of the common use cases on the RTP network include Earned Wage Access (EWA) and Gig Worker Payments. EWA and real-time payroll have emerged as the fastest-growing use case on the network, providing workers with instant access to their earnings before their scheduled payday or on the same day they work. This feature offers immediate liquidity to workers who need to pay bills, provide for their families, or cover emergency expenses.

Another popular use case is Account to Account (A2A) transfers, which enable customers to seamlessly move money between bank accounts at different financial institutions in real-time. This functionality also extends to Digital Wallets, allowing consumers to instantly transfer funds from their digital wallets to their bank accounts, enabling immediate usage of the funds.

Additionally, the RTP network is gaining traction in Merchant Funding, with more businesses opting to receive merchant payments from the same day’s transactions through the network. This enables companies to address cash-flow concerns efficiently.

The transportation and tolling industry has also benefited from the RTP network, as tolling providers utilize real-time payments to replenish the accounts of electronic tolling devices, ensuring their uninterrupted functionality.

Furthermore, the RTP network simplifies auto sales by facilitating the payment process for new or used vehicles. Equally, in the real estate sector, the network enables instant payments for agent commissions, inspection fees, last-minute payment adjustments, and other expenses related to title insurance and mortgage closings.

Rusiru Gunasena, Senior Vice President of RTP Product Management at The Clearing House, expressed delight at the network reaching the one million daily payments milestone, emphasizing the growing demand for real-time payments in the United States. Gunasena attributed this success to the expanding membership of banks and credit unions joining the RTP network, enabling their customers and members to leverage the network’s advantages.

Besides the range of use cases, the increasing volume on the RTP network can also be attributed to several areas of growth. Firstly, insured depository institutions in the U.S. have technical access to the network through over 20 technology solutions providers, including Jack Henry & Associates, FIS, Fiserv, COCC, Finastra, Shazam, Finzly, and others. This robust technical infrastructure enables seamless integration and usage of the network’s capabilities.

The number of businesses sending payments over the RTP network has also surged, increasing by 50% since December 2022. Additionally, over three million consumers each month are making Account to Account (A2A) payments and Zelle® payments that clear and settle over the RTP network.

Moreover, the RTP network currently connects to 65% of Demand Deposit Accounts (DDAs) in the U.S., illustrating its widespread reach. The network boasts over 370 banks and credit unions as members, and this number continues to grow. Notably, more than 90% of the financial institutions on the RTP network are community banks and credit unions, demonstrating its inclusiveness and accessibility to institutions of all sizes.

As the RTP network evolves, The Clearing House remains committed to further enhancing its functionality and expanding its capabilities for the benefit of financial institutions and their customers.

Recently, the network has introduced various new features, such as:

• Enhanced transaction limits, enabling higher-value payments;
• Extended operating hours, facilitating real-time payments on weekends and holidays;
• Support for additional transaction types, including ISO 20022 messages; and
• Expanded fraud prevention measures to ensure the network’s security and protect users.


About The Clearing House

Established in 1853, The Clearing House is a banking association and payments company that operates core clearing and settlement systems in the United States. It is owned by the world’s largest commercial banks, which collectively clear and settle more than $2 trillion in U.S. dollar payments each day. The Clearing House’s RTP network is revolutionizing the payments landscape by enabling real-time payments for financial institutions and their customers.

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