The world of payments is evolving fast, and instant payments are at the heart of this transformation. In a significant move that signals the growth and evolution of the RTP® network, The Clearing House raised the individual transaction limit to $10 million, a tenfold increase from the previous $1 million payment cap. This decision not only demonstrates the network's growing maturity but also marks a pivotal step in unlocking new opportunities for businesses and financial institutions alike.

The RTP network, now seven years old, has come a long way. From its humble beginnings with a $25,000 limit, gradually increasing through the years to $100,000, then $1 million, and $10 million, it’s clear the system is designed for scalable growth. According to Margaret Weichert, Chief Product Officer at The Clearing House, this change is a response to market demand and to remove the artificial ceiling that had become a barrier to broader adoption.

“We weren’t expecting a huge spike in value overnight,” Weichert explained when the limit was increased in February. “But the flexibility matters. Businesses want to know they can send a $5 million or $7 million payment instantly if they need to.”

However, The Clearing House and its RTP participant financial institutions immediately began to utilize the higher transaction limit. The number of high-value transactions jumped after the limit was increased, more than tripling the payment value in March, the first full month with the higher limit, from $28 billion in January, the last full month with the $1 million transaction limit.

The increased limit provides financial institutions and their customers with optionality. Businesses are more likely to adopt instant payments on the RTP network when they know they aren’t limited by value caps that prevent critical high-dollar transactions from being processed instantly.

Matt Richardson, EVP at Citizens, echoed this sentiment. “To our corporate clients, the previous limit felt arbitrary,” he said. “One payment might be approved at $900,000, but another at $1.1 million would need to go another route. The flexibility of a higher limit removes that pain point.”

Beyond convenience, there’s a significant business continuity benefit. Should other systems go down or experience delays, having the RTP network as a high-value alternative adds a layer of resilience. And for time-sensitive payments such as real estate closings, B2B settlements, or insurance disbursements, the RTP network’s 24/7, 365-day availability becomes a competitive advantage.

But the increase isn’t just a flip of a switch. As Weichert explained, participating banks will each evaluate how they implement the new cap. Some will adopt higher value sending capabilities immediately; others may roll it out gradually, factoring in risk tolerance, customer profiles, and liquidity planning.

Still, the confidence around the $10 million transaction limit is grounded in real data. The fraud rates on the RTP network are a fraction of a basis point, Weichert added, noting that of the 35 million transactions per month on the RTP network, only 100 are reported as fraudulent, on average.

Looking ahead, both Richardson and Weichert anticipate new use cases emerging. Richardson points to merchant settlements, insurance payouts, and even brokerage transfers. Weichert sees promise in account-to-account payments, where a financial institution or a corporation moves funds between accounts for cash concentration or portfolio rebalancing, healthcare payments and vertical-specific fintech innovations. The belief is simple: once the barrier is gone, the market will find value.

“When capabilities are simple and scalable,” said Weichert, “the market always finds new ways to use them.”

As fintechs, financial institutions, and businesses begin to utilize the new $10 million ceiling, the ripple effects will be felt across the ecosystem. More flexible, resilient, and scalable payments are no longer just a vision — they’re here, and they're growing with every transaction.

Stay tuned. This is just the beginning of what instant, higher-value payments can unlock.