RTP doubles volume in 18 months

RTP, the private sector real-time payment network operated by The Clearing House, reached a major milestone. Just 18 months after crossing the 500 million transaction mark, the network surpassed 1 billion payments on Fri., Jan. 31, 2025.

The network also set new single-day records for payments volume (1,592,419 transactions) and transaction value ($1.44 billion), TCH reported.

"This milestone, and the pace at which it was reached, highlights the extraordinary demand for instant payments in today's digital economy and how financial institutions on the RTP network are meeting that demand" said David Watson, president and CEO of TCH.

"Surpassing 1 billion payments is a testament to the transformative impact of the RTP network." The increase comes as RTP readies a 10-fold transaction limit – from the current $1 million transaction cap to $10 million, effective Feb. 9.

After taking more than five years to reach half a billion payments, the network's recent rapid growth underscores the expanding acceleration of instant payments adoption in the United States, TCH said in a press release. The increase reflects the growth in demand for faster, more transparent, and always-available payment solutions for consumers, businesses, and the financial community.

In January, RTP announced that payment values on RTP had jumped 94 percent in 2024 compared to 2023, logging in at $246 billion, while volume surged 38 percent to 343 million transactions.

Accelerating growth in real-time

The RTP network's ability to double payment volume in just 18 months signifies a rapid scaling of real-time payment solutions.

FIs are increasingly turning to the RTP network to offer customers a more transparent payment experience that deliver instant funds availability while providing payment confirmation to both payers and the receivers. A growing number of FIs, many accessing the network through their core processors, are now using the network; RTP reported last month that the number of FIs participating grew 67 percent in 2024.

The 1 billion transaction milestone also reflects the network's scalability and reliability as demand for real-time payment options surges, TCH said. For corporations and small businesses, this growth highlights the transformative impact of real-time payments and how they improve working capital and cash flow. Companies are using the network to streamline disbursements, supplier payments and payroll; reducing operational complexity and improving cash flow management, TCH explained.

More than 285,000 businesses are accessing RTP through their FIs for business-to-business transactions, including bill payments and merchant settlements.

For consumers, the 1 billion milestone demonstrates how real-time payments are becoming an everyday convenience. A survey conducted last year by Finzly and the Faster Payments Council found nearly 90 percent of FIs believe there is customer/member demand for instant payments and FIs are interested in offering these services

From instant refunds to splitting restaurant tabs with family and friends, to accessing earned wages, the RTP network offers speed and control, the network said in a statement. The accelerated adoption reflects a growing expectation that financial transactions should be as fast and easy as sending a text message.

The RTP network currently reaches 70 percent of demand deposit accounts at 850 FIs. A majority of these FIs connect to the network through core processors.

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