RTP® Network Has Billion Dollar Day
Winston Salem, NC – Consumers and businesses sent over $1 billion in instant payments on June 28 over the RTP® network, a single day record for the largest instant payments system in the United States, operated by The Clearing House. The RTP network also experienced a record 82 million transactions in the second quarter, valued at a record $55 billion, as financial institution customers continued to use the network for all types of instant payments.
This record setting quarter continues an impressive trend for the RTP network, which previously set numerous records in Q1 2024. In Q2, payment volume grew 7% while overall payment value jumped 30% on the RTP network, as businesses and corporations increased the number of higher-value payments sent on the system as they leveraged instant payments for cash concentration.
“The increase in transaction value is due to broad adoption of the RTP network across a number of use cases, including account-to-account transfers, title insurance and mortgage closing payments, gig economy payouts, earned wage access, and more,” said Margaret Weichert, Chief Product Officer at The Clearing House. “Banks and credit unions that have joined the RTP network are seeing how instant payments can grow deposits, while meeting member and customer expectations for instant payment availability, 24/7.”
RTP Network Records: Second Quarter 2024
- Quarterly Volume: 82 million
- Quarterly Value: $55 billion
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About The Clearing House
The Clearing House operates U.S-based payments networks that clear and settle more than $2 trillion each day through wire, ACH, check image, and real-time payments. It is the nation’s most experienced payments company, with a long track record of providing secure and reliable systems, payments innovation, and strategic thought leadership to financial institutions. In 2017, The Clearing House revolutionized U.S. payments by introducing the RTP® network, which supports the immediate clearing and settlement of payments, along with the ability to exchange related payment information across the same secure channel. These RTP capabilities enable all financial institutions to offer safer, faster, and smarter digital transaction services for their corporate and retail customers. Learn more at www.theclearinghouse.org.
Media Contact:
Greg MacSweeney
The Clearing House
212-612-9282