This adjustment is leading to expanded usage among corporate clients of Bank of America, particularly for transactions such as business acquisitions and real estate settlements.
The higher limit has been reflected in the transaction patterns observed by the bank. In the first six weeks after the cap increase, payments exceeding USD 1 million accounted for the majority of the value processed through the RTP network by Bank of America’s commercial clients. Company officials noted that the updated limit is prompting adoption in areas beyond regular vendor or payroll disbursements, enabling more strategic types of transfers.
Bank of America, which is among the financial institutions with ownership in The Clearing House, contributed to the development of the RTP network in partnership with other banks, technology providers, and the US Federal Reserve. According to representatives from the bank, the immediate settlement feature of RTP is proving useful in supporting liquidity and managing working capital in real-time. They stated that clients are increasingly prioritising speed, transparency, and reliability in their payments infrastructure.
Recent internal data from the bank showed a 32% rise in transaction volumes on the RTP network since the new cap was introduced. Transactions over the former USD 1 million ceiling made up a larger share of payments by the sixth week compared to the initial week, suggesting growing comfort with the increased limit.
The RTP network operates continuously, including weekends and public holidays, and supports real-time settlement regardless of time. It also offers visibility to payment originators about the acceptance or rejection status of transactions. The system uses the ISO 20022 messaging standard, enabling inclusion of detailed remittance information alongside payments.
Beyond its RTP capabilities, Bank of America’s corporate offerings include card payments, wire transfers, ACH, and foreign exchange transaction services. The institution has also developed its own proprietary tools for payment distribution and recipient management.
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