BNY has executed the largest instant payment in U.S. history using The Clearing House’s RTP Network, transferring $10 million to Bank of America on behalf of a client. This significant inter-company liquidity management payment was made for Computershare.
The transaction came about after The Clearing House raised the RTP network’s transaction limit from $1 million to $10 million over the weekend. This enhancement is vital for corporate clients, facilitating real-time higher-value payments essential for managing large supplier transactions, moving wealth management or brokerage funds, funding payrolls, addressing unplanned liquidity needs, and ensuring immediate settlement of obligations.
The RTP network offers businesses 24/7 availability, immediate access to funds, and improved payment transparency.
“In our industry, the ability to move large payments instantly, securely, and reliably is crucial,” stated Ann Bowering, CEO of Computershare Issuer Services, North America. “With real-time payments, we can settle higher-value transactions immediately, reducing counterparty risk and improving overall working capital efficiency.”