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RTP limit raised to US$100,000, as MUFG joins scheme

The Clearing House (TCH) has announced it is increasing the general transaction value limit to US$100,000 for a payment on the RTP network. This will come into effect from  February 1, 2020. The current value limit is US$25,000.

TCH, the operator of the RTP network, is increasing the value limit for payments on the network as the transaction volume and number of users on the RTP network continues to grow. Certain RTP payments from financial institutions and corporate users, such as business-to-business (B2B) payments or large disbursements, will benefit from the higher value limit.

“Increasing the transaction value limit to $100,000 is the next logical step for the growing RTP network,” said Steve Ledford, senior vice president of Product Strategy and Development for The Clearing House. “Businesses and consumers often want to send higher value payments and the $100,000 limit helps to address their needs.”

The RTP Business Committee, which includes representatives from community banks, credit unions, and TCH member banks, approved the transaction limit increase. The RTP Business Committee meets monthly and has numerous responsibilities, including setting the rules for the RTP network, and providing input and guidance to the strategic execution of the RTP network, among other duties.

Under the new rules, depository institutions on the RTP network are required to accept payments up to $100,000. However, individual participants may set a lower value limit for payments they originate. The change in the transaction limit is included in the updated RTP System Operating Rules, which can be found in the RTP network document library on TCH’s website.

Alongside the news about the limit change, MUFG Union Bank has announced that receipt of real-time payments is now available for its corporate, retail, and small business clients via the RTP network. The bank says that real-time payments will enable its clients to improve cash flow, manage working capital, and streamline processes.

“Real-time payments offer our clients the payment processing speed to meet their business needs in a rapidly changing digital commerce environment,” said Ranjana Clark, head of Global Transaction Banking and Transaction Banking Americas, and Bay Area President. “MUFG Union Bank is committed to supporting our clients’ movement toward real-time payments in the United States to enhance their experience.”


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