3.0: Largest instant payment in US history

Yesterday the Clearing House's RTP Network sent the largest instant payment in US history, when BNY transferred $10 million to Bank of America.

Largest instant payment in US history

As the significance of instant within the payments mix continues to grow I have been thinking about what the optimum maximum payment value within an instant payment scheme might be.

You’ll know that on launch the UK’s Faster Payment Scheme was limited to an initial transaction limit of £10,000, which rose to £100,000 in 2010, £250,000 in 2015 and for the past three years has been set at £1 million.

Over the weekend we published a 3.0 newsletter on a significant development in the USA’s payments landscape: Game Changer Alert: Why This Week is Transforming Payments in the USA.

Yesterday, The Clearing House's RTP Network reported that it had sent the largest instant payment in US history, when BNY transferred $10 million to Bank of America. BNY sent the $10 million inter-company liquidity management payment to BofA on behalf of Computershare.

The payment was made possible after The Clearing House increased the RTP network's transaction limit from $1 million to $10 million over the weekend (8/9 February 2025).