BNY has used The Clearing House's RTP Network to send the largest instant payment in US history, transferring $10 million to Bank of America on behalf of a client.
BNY sent the $10 million inter-company liquidity management payment to BofA on behalf of Computershare.
The payment was made possible after The Clearing House increased the RTP network's transaction limit from $1 million to $10 million over the weekend.
The operator says that, for corporate customers, real-time higher-value payments are critical for managing large supplier transactions moving wealth management or brokerage funds between accounts, funding payrolls, responding to unplanned liquidity needs, and ensuring the immediate settlement of obligations.
The RTP network provides businesses with 24/7 availability, immediate funds availability, and enhanced payment transparency.
“In our industry, the ability to move large payments instantly, securely and reliably is crucial,” says Ann Bowering, CEO, Computershare Issuer Services, North America. “With real-time payments, we can settle higher-value transactions immediately, reducing counterparty risk and improving overall working capital efficiency."