The RTP network, an instant payments system operated by The Clearing House, recently set a new single-day record, processing more than 1.8 million transactions valued at $5.2 billion, according to a release.
The milestone, reached on Oct. 3, follows a year of sustained growth for the network, which now averages more than 1.3 million payments daily and continues to expand both in reach and transaction value.
“Seeing 1.8 million payments in a single day underscores the momentum we’re seeing across the instant payments ecosystem,” RTP Business Product Management at The Clearing House Senior Vice President Jim Colassano said in a release. “The RTP network continues to set new benchmarks for real-time payments in the U.S. Reaching a single-day record of nearly two million transactions highlights both the scalability of the network and the growing confidence of the financial industry in instant payments as the new standard.”
More than 1,000 financial institutions are now live on the RTP network. Since the RTP network increased its transaction limit to $10 million earlier this year, higher-value payments have continued to rise.
The RTP network provides real-time payment capabilities to federally insured U.S. depository institutions, enabling instant clearing and settlement, immediate confirmation, and rich messaging functionality that supports both consumer and business payments.