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The RTP network has reached a major milestone, averaging more than 1 million payments per day, The Clearing House Payments Co. LLC says.
In addition to crossing this threshold, the RTP network, which TCH launched in 2017 as a real-time payments network, also set a single day record of 1.46 million transactions valued at $1.24 billion on November 1, TCH announced early Tuesday.
During October, the RTP network saw a record 31.7 million transactions valued at $25.4 billion, up 6.2% and 9% respectively, from the previous month. Since July, payment value on the RTP network is up 11.4% and transaction volume is up 12%, the TCH adds.
Factors driving the volume increases vary, including a near doubling of financial institutions on the network the past year, which in turn has helped attract more consumer and commercial users, TCH says.
“Users tend not to go back once they try sending money over the network and the real time aspect of the payment means they can avoid late fees or delays with the transaction,” says a TCH spokesperson.
One notable trend to emerge from the volume increase is that 42% of transactions occur overnight, on weekends, or on holidays. Normal banking hours are Monday through Friday, 8am – 6pm Eastern Time, according to TCH.
The high percentage of transactions that take place outside banking hours indicates that consumers like the flexibility the network provides when moving money or making a payment, TCH says.
“Users like being able to send money outside banking hours and on holidays and not having to go back and check whether the payment went through in time,” the TCH spokesperson says.
Enabling users to pay at their convenience helps them “meet the needs of the modern, 24/7 economy,” the Clearing House spokesperson adds.
In related news, Viamericas Corp., a Coral Gable, Fla.-based licensed money transmitter, launched its rapid cash-to-account transfer service in the United States.
The service utilizes the FedNow and RTP real time networks to send and receive money across the country.
In addition to enabling real time payments, Viamericas’ offers a reward program called Viamericas Plus that allows consumers to earn reward points for initiating money transfers, bill payments, and telephone top-ups. Points can be redeemed to improve exchange rates or reduce fees on their next transaction, the company says.
