In a significant evolution for real-time payments (RTP) in the US, Bank of America (BofA) clients are embracing a newly increased $10 million transaction limit – 10x the previous cap – enabled by The Clearing House.
The move is already catalysing new use cases in high-value B2B payments.
As one of The Clearing House’s owners and early architects of the RTP network, BofA was instrumental in the network’s development, working in tandem with peer institutions, fintechs, and the US Federal Reserve.
Now, with this higher limit, corporate clients are applying RTP to more strategic transactions, including real estate settlements, M&A deal closings, and treasury operations.
“Increasing the cap to $10 million has unlocked a new class of high-value, time-sensitive transactions,” said AJ McCray, head of Global Payments Products within BofA’s Global Payments Solutions (GPS).
“Our clients are using RTP not only for routine vendor payments but now also for critical corporate activities where instant settlement is a major advantage.”
The shift is evident in recent transaction data.
Within the first six weeks following the limit increase, transaction volumes rose by 32%, with over half of processed payment value exceeding $1 million.
A growing proportion of clients are opting for RTP’s speed, transparency, and reliability – attributes that support real-time cashflow management and working capital efficiency.
“The immediacy of RTP is increasingly being seen as essential,” said Jay Davenport, co-head of Global Corporate Sales at BofA.
“It provides the convenience and control our clients need in an increasingly real-time economy.”
As real-time payment adoption expands, corporates are exploring RTP for just-in-time supplier payments, intercompany transfers, and large-ticket disbursements.
This milestone underscores how real-time infrastructure is maturing to serve more complex business needs – ushering in a new era for B2B payments in the US.
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