Payment value on the The Clearing House’s RTP network surged 94 percent last year to $246 billion, according to a Jan. 8 press release from the company.
Volume on the platform increased 38 percent in 2024 to 343 million transactions. The fourth quarter of last year brought a record 98 million transactions valued at $80 billion, up 12 percent in terms of volume and 16 percent in value from the third quarter. The network now averages more than 1 million payments per day, according to TCH, with the majority of days last month experiencing more than 1 million transactions.
The Clearing House cited the rising number of participating banks and credit unions as another reason for growth. The number of participating financial institutions increased 67 percent last year as smaller FIs viewed instant payments as a way to keep customers, reclaim payment flows and ensure funds stay in customer bank accounts, according to PYMNTS.com.
Forty-two percent of transactions take place on weekends, overnight or holidays, according to The Clearing House. More than 285,000 businesses are using the RTP network each month for business-to-business transactions through FIs in the system.
The average payment value on the RTP Network increased 40 percent last year to $719 from $514 in 2023. The individual transaction limit is expected to increase to $10 million on Feb. 9, which The Clearing House expects will support growth in real estate, cash concentration and business-to-business transactions requiring larger transaction amounts.