RTP network grows rapidly as companies send high-value payments

The RTP network set records in the second quarter in terms of both the number of transactions and the value of payments enabled.

The instant payments system operated by The Clearing House enabled consumers and businesses to conduct 82 million transactions valued at $55 billion during the quarter, The Clearing House said in a press release Wednesday (July 10).

The RTP network also set a daily record when it enabled instant payments worth one billion dollars on June 28, the press release said.

During the quarter, payment volume increased 7% and total payment value increased 30%, the press release said.

The Clearing House attributed the jump in total payment value to companies and corporations increasing the number of high-value payments sent through the system, thereby using instant payments to concentrate cash.

“The increase in transaction value is due to the broad adoption of the RTP network across a range of use cases, including account-to-account transfers, title insurance and mortgage closing payments, gig economy payouts, access to earned wages, and more,” Margaret Weichert, chief product officer at The Clearing House, said in the press release.

“Banks and credit unions that have joined the RTP network are seeing how instant payments can increase deposits while meeting member and customer expectations for 24/7 instant payment availability,” Weichert added.

The RTP network’s second quarter results followed a quarter in which the instant payments system also posted records, with the first quarter seeing the highest volumes ever, reaching $76.4 million and value of $42.3 billion.

The Clearing House said at the time that the network had seen growth in both transaction volume and transaction value in 19 of the last 20 quarters since 2019.

PYMNTS Intelligence has found that real-time payments continue to gain traction around the world as banks, FinTechs, corporations and governments pursue initiatives to speed up payments for their citizens and customers.

According to The Real-Time Payments World Map, a collaboration between PYMNTS Intelligence and The Clearing House, global real-time transactions are expected to grow 161% between 2024 and 2028, reaching $58 trillion by 2028.

Instant payments provide a solution to the time and cash flow issues businesses face. In the transportation industry, for example, payments like those enabled by the RTP network help small operators make payments at any time and ensure they align perfectly with their cash flow needs, Cheryl Gurz, vice president of RTP product development at The Clearing House, told PYMNTS in an interview published in June.

“You’re on the road, it’s 10 p.m. on the West Coast, and a payment is due the next morning. And the supplier on the East Coast can make that payment in 30 seconds and it’s settled,” Gurz said. “So they don’t have to worry about time, they don’t have to worry about the bank tellers’ hours.”