The Clearing House will increase the individual transaction limit for the RTP Network from $1 million to $10 million.
The group said in a press release that the higher limit will support network growth in areas such as real estate, supply chain payments and business-to-business transactions that require larger transaction amounts.
The higher limit will become effective on Feb. 9. The last time the RTP transaction limit was raised occurred in April 2022 when it was increased from $100,000 to $1 million.
The increased limit “allows financial institutions and their customers to make larger payments in real-time, continually enabling the RTP network to evolve to meet industry needs,” Margaret Weichert, The Clearing House’s chief product officer, said in the release.
“Customers already benefit from the system’s around-the-clock availability, with 42% of transactions taking place overnight, on weekends, or holidays,” she added.