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Today, The Clearing House and BNY (NYSE: BK), announced the successful completion of the largest instantpayment in U.S. history and the first-ever payment on the RTP network exceeding $1 million, following the recent increase in the networks transactionlimit. The post BNY Sends Largest InstantPayment in U.S.
An innovative payment service has just made its debut in the finance sector. The US Federal Reserve has introduced FedNow ; a new instantpayment platform that will facilitate transactions at any given time. As for transactionlimitations, the Federal Reserve restricts transfer amounts to a ceiling of $500,000.
The payments system provider, The Clearing House , extended its transactionlimit for funds transferred on the Real-Time Payments (RTP) Network from $1million to $10million. Currently, over 285,000 businesses rely on the RTP network each month to send and receive payments.
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