The Clearing House, the US-based payments network provider, processed a record 76.4 million transactions in Q1 2024, valued at around $42billion, and has revealed a range of other newly set records.
The Clearing House also revealed that March became a record month for its real-time payments (RTP) network, boasting over 26 million transactions across the month. 1 March 2024 also became the single day with the most transactions at over 1.25 million.
The organic volume growth comes from customers of financial institutions who use the network to move money and make payments instantly.
Margaret Weichert, chief product officer at The Clearing House, explained: “RTP transaction volume is driven by customers who want instant, convenient ways to pay bills, move money between accounts, get paid quickly, send money to friends and family, or solve cash flow concerns.
“Banks and credit unions yet to join the RTP network should consider the valuable benefits they can offer their customers and members either directly or indirectly through service providers since, once on the network, they will have access to record transaction flows on day one.”
In March, transactions between accounts (account to account/ A2A) or from digital wallets to checking or savings accounts increased by more than one million payments as consumers chose to move money instantly between accounts for a variety of reasons, including opening new accounts, covering unexpected expenses, or paying bills.
RTP network enjoys sustained growth
Small businesses also use instant payments to get immediate access to funds through merchant settlement providers utilising the RTP network. Instant payments for small businesses help normalise cash flow and give business owners access to funds exactly when they need it to pay employees, purchase additional inventory, or pay for unexpected expenses.
There were 140,000 more transactions in March than in February on the RTP network related to merchant settlement activity for small businesses, demonstrating how businesses and consumers value instant access to their money.
The surge in instant payment transactions continues an impressive quarterly trend for the RTP network. Both transaction volume and value on the network are growing at an average of 15 per cent per quarter, with 19 out of the last 20 quarters showing growth, dating back to 2019.
