More consumers and businesses than ever before benefited from real-time payments on the RTP® network in 2024, the largest instant payments system in the United States operated by The Clearing House.
In 2024, payment value on the network jumped 94% from the previous year, logging in at $246 billion, while volume surged 38% to 343 million transactions. Additionally, the network heads into 2025 having experienced a record 98 million transactions valued at $80 billion in Q4 2024, representing 12% volume growth and a 16% increase in value from Q3.
“Once Americans experience the ease, speed, and convenience of instant payments on the RTP network, they want to use it again and again,” said Margaret Weichert, Chief Product Officer at The Clearing House. “Customers benefit from the network’s immediate availability of funds and 24/7 availability, with 42% of transactions taking place overnight, on weekends, or holidays.”
The growing number of participating banks and credit unions is another factor that contributes to increased activity on the RTP network. The number of participating financial institutions (FIs) on the RTP network grew 67% in 2024, as financial institutions, particularly smaller FIs, see instant payments as a positive influence on customer retention, and a way to reclaim payment flows and keep funds in their customer’s bank accounts, according to a soon to be released study from PYMNTS.com. The study also found that two thirds of credit unions and smaller banks see instant payments as a way to increase customer satisfaction.
More than 285,000 businesses, through financial institutions on the system, are utilizing the RTP network each month for business-to-business transactions, including supply chain payments, bill pay, merchant settlement, and more. These transactions helped increase the average transaction value by 40%. In 2024, the average payment value was $719, up from $514 in 2023. On February 9, 2025 the individual transaction limit will increase to $10 million. The new limit supports growth on the network in areas including real estate, cash concentration, and business-to-business transactions that require larger transaction amounts.
The RTP network finished 2024 on a strong note which is expected to continue into 2025. The network now averages over 1 million payments per day, with 74% of days in December 2024 at or over 1 million transactions.