RTP Network Hits 1 Billion Payments 18 Months After 500 Million Mark

It took the RTP® network more than five years to surpass 500 million instant payments.

Getting to the 1 billion mark didn’t take nearly as long.

Eighteen months after reaching 500 million payments, the network has more than doubled that figure, The Clearing House, which operates the RTP network, announced Monday (Feb. 3).

“After taking more than five years to reach the first half a billion payments, the network’s recent rapid growth underscores the expanding acceleration of instant payments adoption in the United States,” the company said in a news release. “This extraordinary increase reflects the growing demand for faster, more transparent, and always-available payment solutions from consumers, businesses, and the financial community.”

The network said that on the same day it crossed the 1 billion payment milestone — Jan. 31 — it also reached new single-day records for payments volume (1,592,419 transactions) and value ($1.44 billion).

“This milestone, and the pace at which it was reached, highlights the extraordinary demand for instant payments in today’s digital economy and how financial institutions on the RTP network are meeting that need,” said David Watson, The Clearing House’s president and CEO.

“Surpassing 1 billion payments is a testament to the transformative impact of the RTP network. We’re proud to play a pivotal role in helping financial institutions, businesses, and consumers embrace the speed, security, and transparency that real-time payments offer.”

The RTP milestone comes as businesses are turning to new solutions to get paid faster and avoid the headaches that come with late payments, as covered here last month.

Research from the PYMNTS Intelligence report “Need for Speed: Faster Payments Are Key to Businesses’ Financial Health” shows that 51% of suppliers said they got paid after the due date, and that 57% of invoices are paid late.

Almost a third of small business owners pointed to delayed payments as a key challenge, and in the professional services sector, the average payment time in 2023 was close to 48 days, with about one-third of payments taking at least two months.

“Real-time payment solutions, like same-day ACH transfers, are helping businesses improve cash flow and maintain stronger financial positions,” PYMNTS wrote.

“According to the report, 88% of firms using faster payment options reported business growth, with SMBs benefiting from healthier balance sheets. Additionally, 54% of employees at mid-sized and large companies found real-time payments effective for overdue payments, while 32% said they enhance cash flow management.”