The Clearing House
A new era of real-time, higher-value payments has begun. Today, The Clearing House and The Bank of New York Mellon Corporation (“BNY”) (NYSE: BK), announced the successful completion of the largest instant payment in U.S. history and the first-ever payment on the RTP® network exceeding $1 million, following the recent increase in the network’s transaction limit.
The $10 million inter-company liquidity management payment, from a leading, global transfer agent, Computershare, to an account at another financial institution, marks a significant milestone in the evolution of instant payments, unlocking new opportunities for businesses to move money faster, optimize cash flow, and streamline financial operations.
On February 9, the RTP network’s transaction limit increased from $1 million to $10 million, enabling businesses to send larger payments instantly, 24/7. This landmark payment from Computershare highlights the growing demand for higher value instant payments, providing a seamless alternative to traditional wire transfers and checks while improving liquidity management in today’s fast-paced economy. Currently, over 285,000 businesses rely on the RTP network each month to send and receive payments.