The RTP network, which is available to all insured banks and credit unions in the United States, is seeing steadily increasing volume. Transactions on the RTP network in Q2 2023 totaled 58 million for $29 billion, up from 41 million transactions for $18 billion in Q2 2022. Today, over 350 RTP® Network Participating Financial Institutions are providing real-time payments on the RTP network to their customers and members. Benefits of real-time payments include 24×7 availability, immediate access to funds, confirmation of payment receipt, and payer control of when a payment is sent, which can help to eliminate overdrafts.

The increasing volume on the RTP network can be attributed to other areas of network growth, including:

National Access: Banks and credit unions in the U.S. have streamlined access to the network through more than 20 technology solution providers;

Business users: 150,000 businesses are sending payments over the RTP network, a 50% increase since December 2022;

Consumers: 3+ million consumers each month are sending A2A payments and Zelle® payments that clear and settle over the RTP network;

FIs of All Sizes: 90% of the FIs on the RTP network are community banks and credit unions (less than $10 billion in assets); and

Demand Deposit Account (DDA) Reach: the RTP network currently reaches 65% of US DDAs.

“As more banks and credit unions join the RTP network, their customers and members are experiencing the benefits of real-time payments,” says Rusiru Gunasena, Senior Vice President of RTP Product Management at The Clearing House. “Surpassing 500 million RTP payments signifies the accelerating growth and demand on the RTP network.”