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01/08/2025
Business Payments Push The Clearing House and RTP® to Faster Payments Tipping Point
PYMNTS
Eight years after launching the RTP® instant payments network, The Clearing House logged a stellar 2024. Early Wednesday (Jan. 8), the consortium announced that more than $246 billion moved over the RTP network in 2024, up 94% from 2023. Transaction volume was up 38% to 343 million. As many as 285,000 businesses are using the RTP network each month for business-to-business (B2B) transactions.
Jim Colassano, senior vice president, RTP Business Product Management at The Clearing House, said the ability to send money instantly, 24/7/365 has been gaining wide embrace across a variety of use cases — and users, too.
“The feedback that we get, not only from consumers, but also from the business community, is that when you see it,” he said of instant payments, “when you actually experience it, both from an origination standpoint and from a receiving standpoint, you want to do more, you want this to be the payment mechanism that you would like to use.”
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