Consumers and businesses sent $1 billion in instant payments on June 28 over the RTP® network, a single day record for the largest instant payments system in the United States, 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 an impressive trend for the RTP network, which previously set numerous records in Q1 2024. In Q2, payment volume grew 7% while overall payment value jumped 30% on the RTP network, as businesses and corporations increased the number of higher-value payments sent on the system as they 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,” said Margaret Weichert, Chief Product Officer at The Clearing House. “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.”
RTP Network Records: Second Quarter 2024
Single Day Value: $1.1 billion
Quarterly Volume: 82 million
Quarterly Value: $55 billion