RTP Network Hits Milestone of 1 Million Daily Payments

instant payments

The RTP network topped 1 million payments on a single day: Sept. 1.

This accomplishment highlights the growing adoption of real-time payments and the benefits they bring to financial institutions and their customers, The Clearing House, which operates the instant payments system, said in a Wednesday (Sept. 6) press release.

Real-time payments provide numerous advantages, including immediate funds availability, confirmation of payment receipt, and payer control over the timing of payments, according to the release. Currently, the network processes over 60 million transactions each quarter.

The RTP network has been instrumental in addressing real-world challenges through innovative use cases, the release said. One of the fastest-growing use cases is earned wage access (EWA) and gig worker payments. This feature allows workers to receive their pay before their scheduled payday or on the same day they work, providing immediate liquidity for essential expenses.

Another popular use case is account-to-account (A2A) transfers, enabling customers to move funds between different financial institutions in real-time, per the release. Digital wallets have also seen significant adoption, allowing consumers to instantly transfer funds from their digital wallet to their bank account.

Businesses have also benefited from the RTP network, particularly in merchant funding, according to the press release. By receiving payments from daily transactions through the RTP network, businesses can address cash-flow concerns more effectively. Additionally, the network has been utilized in transportation and toll payments, simplifying the process of adding funds to electronic tolling accounts. 

Auto sales have also been streamlined, as payments for new or used vehicles can be made through the RTP network, even on weekends, the release said. Lastly, the network has facilitated instant payments related to title insurance and mortgage closings, allowing for seamless transactions in the real estate industry.

Rusiru Gunasena, senior vice president of RTP product management at The Clearing House, said in the release: “As more banks and credit unions join the RTP network, their customers and members are experiencing the benefits of real-time payments.”

The increasing volume on the RTP network can also be attributed to other factors, including the network’s technical accessibility through more than 20 technology solutions providers, according to the press release.

PYMNTS Intelligence has found that the RTP network has experienced prodigious growth since its 2017 launch and has been the standard for real-time transactions in the U.S. since that time.

One key feature of the RTP network is that it allows transactions of up to $1 million, with an option to set lower sending limits if desired, according to “Comparing and Contrasting FedNow and the RTP Network,” a PYMNTS and The Clearing House collaboration.