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Business Payments Push The Clearing House and RTP® to Faster Payments Tipping Point
- The RTP® instant payments network of The Clearing House has seen more than $246bn move through it in 2024, a 94% YoY increase.
- The number of one-off payments processed accelerated 38% YoY to 343 million.
- The volume of business-to-business payments on the network rose, helping to push the average transaction value up 40% YoY to $719.
- The vast majority of B2B payments are still via cheques.
- As many as 285,000 businesses are monthly users of the RTP network for transactions.
- Use cases for instant payments include gig workers being able to get paid at the end of a shift, while gamblers and gamers are defunding their wallets and sending winnings into their bank accounts.
- Firms of various sizes use RTP to manage their cash flow, and for instant payments related to cash concentration between bank accounts or for merchant funding.
- RTP is expanding its reach into new households, which in turn is bringing more businesses onto the network.
- The recent move to increase transaction limits to $10m should help drive more B2B traffic, while security protocols are in place for higher value transactions, said Colassano.
- RTP and its real-time payments peers have reached a tipping point whereby intense growth rates in transaction volumes seen in 2024 will be exceeded in 2025, according to Colassano.
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