This change has led to an enhanced usage among Bank of America’s corporate clients for high-value transactions such as business acquisitions and real estate settlements.
The updated transaction limit is reflected in the bank’s observed patterns. In the first six weeks after the increase, payments exceeding USD 1 million comprised a significant portion of the value processed through the RTP network by Bank of America’s commercial clients. Company officials mentioned that this higher limit is encouraging broader adoption beyond routine vendor or payroll disbursements.
Boost in High-Value Real-Time Transactions
Bank of America, working alongside other banks and technology providers to establish the RTP network, has seen a 32% rise in transaction volumes on the network since the new limit was introduced. By the sixth week, transactions over the previous USD 1 million ceiling accounted for an even larger share of payments, indicating growing confidence with the increased transaction threshold.
The RTP network operates around the clock, supporting real-time settlement regardless of time or day. It provides immediate visibility to payment originators regarding the acceptance or rejection status of their transactions and uses ISO 20022 messaging standards for detailed remittance information.
Bank of America’s corporate services also include card payments, wire transfers, Automated Clearing House (ACH) transaction services, and foreign exchange. The bank has developed its own proprietary tools for payment distribution and recipient management to enhance these offerings.
