The $10 million RTP® Network Transaction Limit: What You Need to Know
Description
The individual transaction limit on the RTP® Network is increasing to $10 million, marking a significant milestone in the instant payment system’s seven-year evolution. This move aims to address market demand from the more than 285,000 businesses that are connected to the RTP network through their financial institution and expand use cases, such as real estate/title insurance, B2B/supply chain, medical insurance, and other larger-scale payments. Matt Richardson, Executive Vice President at Citizens Bank, and Margaret Weichert, Chief Product Officer at The Clearing House, discuss how the increase is responsive to industry demands and provides businesses with more flexibility to execute payments.
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Payments Nerds is brought to you by The Clearing House, hosted by Greg MacSweeney, and produced by Earfluence.
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