The Clearing House: RTP network set transactions record last month

The Clearing House RTP network experienced a record number of transactions in October and now averages more than 1 million payments per day, according to a Nov. 12 press release from the company. .The RTP network reported 31.7 million transactions last month valued at $25.4 billion, up 6.2 percent and 9 percent, respectively, from September. Payment value on the RTP network has increased 11.4 percent since July, with transaction volume up 12 percent during the same time. On Nov. 1, The RTP network, which is operated by The Clearing House, set a single-day record of 1.46 million transactions with a total value of $1.24 billion. .Forty-two percent of RTP transactions are occurring overnight, on weekends or on holidays, according to the report. ."It is exciting to see that the RTP network is supporting real-world payment needs of both consumers and businesses with almost half of payments happening after banking hours," said The Clearing House Chief Product Officer Margaret Weichert. "With the holiday season upon us, consumers can send money instantly to pay for gifts, holiday meals and other festivities, while small businesses can get paid in real time.".The Clearing House launched the RTP network in 2017. More than 650 financial institutions were on the platform at the end of the second quarter, up from 340 at the start of the second quarter of 2023. .RTP is a little-used but growing presence in the U.S. payments sphere, according to RTP firm ACI Worldwide. The company projects a 31.7 percent compound annual growth rate for RTP through 2028, at which point it expects one-in-four such transactions will be in real time.