RTP Payments Volume Jumps 94% in 2024
January 14, 2025
The Clearing House reported its RTP network reached $246 billion in 2024, an increase of 94% from the previous year. Meanwhile, volume of transactions surged 38% to 343 million transactions.
“Once Americans experience the ease, speed, and convenience of instant payments on the RTP network, they want to use it again and again,” said Margaret Weichert, chief product officer at The Clearing House. “Customers benefit from the network’s immediate availability of funds and 24/7 availability, with 42% of transactions taking place overnight, on weekends or holidays.”
The growing number of participating banks and credit unions is another factor that contributes to increased activity on the RTP network. The number of participating financial institutions on the RTP network grew 67% in 2024, according to The Clearing House.
More than 285,000 businesses, through financial institutions on the system, are utilizing the RTP network each month for business-to-business transactions, including supply chain payments, bill pay, merchant settlement, and more, The Clearing House reported.
On Feb. 9, The Clearing House will raise the individual transaction limit to $10 million from $1 million.
The Clearing House is owned by several banks, including JPMorgan Chase, Bank of America, Barclays and Capital One, among others. Most of RTP’s traffic is for consumer purposes, with 88.5% of transactions having a consumer involved, while the other 11.5% of transactions are for business-to-business purposes, The Clearing House told Payments.
In 2023, the Federal Reserve launched its FedNow system. About 1,200 banks participate in this system.
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