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TCH to Raise RTP® Network Transaction Limit to $1 Million

New York – On April 18, The Clearing House (TCH) will increase the general transaction value limit to $1 million on the RTP® network. 

TCH, the operator of the RTP network, is increasing the value limit for payments on the network as the transaction volume and number of users on the RTP network continues to grow. Increasingly, corporate users are looking for ways to transfer higher value payments for various use cases, including real estate closings, commercial loan funding, merchant settlement, supplier payments, and more. The increase to $1 million, from the current transaction limit of $100,000, follows a similar increase to the Same-Day ACH transaction limit, which took place on March 18. The RTP network limit increase provides financial institutions and their customers with another similar choice for moving up to $1 million via a faster payment. 

“The RTP network individual transaction limit increase to $1 million dramatically expands the University’s use cases for real-time payments,” said Jeff Rayis, Director of Treasury and Financial Management at Michigan State University. “Being able to send larger value payments will be useful for many business-to-business payment applications, such as supplier payments, loan payments, joint-venture and partnership arrangements, and research obligations.”

“Financial institutions and their customers have asked for the ability to send larger value RTP payments for a variety of payments needs, and we are responding,” says Jim Colassano, senior vice president of Product Development for The Clearing House. “Financial institutions on the RTP network will be able to send RTP payments, up to $1 million, for business-to-business purchases, insurance payouts, real estate closing, and more.”

The RTP network gives the banking industry a modern platform for domestic payments, complete with rich data capabilities and immediate payment confirmation. The system enables instantaneous settlement and availability, so those funds can be used or withdrawn as cash within seconds. The RTP network currently reaches 61% of U.S. demand deposit accounts and all federally insured depository institutions, regardless of size, can join the network. More than 230 financial institutions are connected to the RTP network, with more joining each week. The RTP network offers a flat pricing structure for all depository institutions regardless of size that does not have monthly fees, volume discounts or have minimum volume requirements.

Under the new rules, depository institutions on the RTP network are required to accept payments up to $1 million. However, individual participants may set a lower value limit for payments they originate.

About The Clearing House
The Clearing House operates U.S.-based payments networks that clear and settle more than $2 trillion each day through wire, ACH, check image, and real-time payments. It is the nation’s most experienced payments company, with a long track record of providing secure and reliable systems, payments innovation, and strategic thought leadership to financial institutions. Most recently, The Clearing House has revolutionized U.S. payments infrastructure with the RTP® network, which supports the immediate clearing and settlement of payments, along with the ability to exchange related payment information across the same secure channel. These RTP capabilities enable all financial institutions to offer safer, faster, and smarter digital transaction services for their corporate and retail customers.  Learn more at www.theclearinghouse.org.

Media Contact:
Greg MacSweeney
Vice President & Head of Communications
The Clearing House 
212.612.9282
gregory.macsweeney@theclearinghouse.org
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