Bank of America clients are taking advantage of the higher transaction limit on The Clearing House’s Real Time Payments network. 

The transaction limit was raised to $10 million from $1 million, effective Feb. 9, according to The Clearing House. The new limit opened new commercial uses, and Bank of America commercial clients are using the new ceiling. 

“The higher limit now accommodates larger payroll funding needs and allows companies to send those funds precisely when they are needed to pay salaries and wages instead of days in advance like before,” AJ McCray, head of global payments products, global payments solutions at Bank of America, told Bank Automation News. 

The bank launched the new payment capability in March, and in the six weeks following that more than half the value of all U.S. real-time transactions processed by the bank were over $1 million, according to a June 10 release. 

Inter-company transfers and real estate deals lead the transactions over $1 million, McCray said. Bill payments, such as paying suppliers, are also among leading uses by the bank’s clients. 

In the first quarter of 2025, when the new limit went into effect, the payments rail recorded 100 million transactions for $163 billion, 2% growth in volume and 103% value increase from the fourth quarter of 2024, according to The Clearing House.  

The RTP network processed 343 million transactions in 2024, McCray said.  

“Bank of America is one of the top banks in the network from a volume perspective,” he said, without disclosing figures. 

RTP payment activity in Q1