Consumers and businesses sent more than $1 billion in instant payments on June 28 over the RTP Network, a single-day record for the largest instant payments system in the U.S., 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 a trend for the RTP Network, which previously set records in the first quarter. In the second quarter, payment volume grew 7 percent while overall payment value jumped 30 percent as businesses and corporations increased the number of higher-value payments sent on the system and 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,” Margaret Weichert, chief product officer at The Clearing House, said in a release. “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.”