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A Panoply of Factors Help Drive Record Volume for the Clearing House's Real Time Payments Network
The Clearing House's RTP service surpassed $1 billion in daily volume for the first time on June 28. This milestone comes amid competition from the Federal Reserve’s FedNow service, launched last year. RTP also set records for quarterly transaction volume and value with 82 million transactions worth $55 billion in Q2 2024.
Several factors contributed to this growth, including cash concentration, gig economy transactions, mortgage closings, and earned-wage access. Peer-to-peer transactions and the increasing use of mobile wallets have also boosted consumer participation, with over 5 million unique consumers making instant payments monthly, doubling from last year. The RTP network now serves 225,000 businesses monthly, up from 105,000 a year ago. The network's reach extends to institutions covering two-thirds of demand-deposit accounts.
