KeyBank expects real-time payments volume to increase in 2025 as it processes send and receive transactions on The Clearing House’s Real Time Payments network.

The $189 billion bank received 3.6 million RTP transactions in 2024, and is “on track to exceed 4 million this year,” Brandon Nowac, executive vice president of payments at KeyBank Commercial Bank, told Bank Automation News. 

“KeyBank is seeing the greatest interest of RTP from the technology sector,” Nowac said, noting that title companies are using the network for real estate transactions. 

Growth is also attributed to the bank’s addition of send capabilities on the RTP network, he said. That function remains in pilot, however, as volumes have started to “build in recent months.” 

Leaning on fintechs

Many FIs are slow to adopt send capabilities on instant payments rails, Keith Riddle, general manager at payments company Payfinia, told BAN, adding that instant payments rails will see another bump in volume after most banks offer it. 

“FIs need to develop fraud [prevention] capabilities before they roll out send functionality,” Riddle said. “Payments vendors can help do the tech and compliance lift and get FIs started on send capabilities easily.” 

KeyBank plans to work with fintechs through its “heavy emphasis and expertise on risk management,” Nowac said. “That could be AML compliance risk, it could be credit risk, it could be fraud and operational risk.” 

The bank has benefited by working with fintechs, Nowac said, adding that their speed, agility and expertise make it easier for the bank to test new features and services.  

RTP volume

While KeyBank’s RTP volume grows, the network is clocking higher numbers. 

RTP transactions reached $163 billion in the first quarter, up from $80 billion in the fourth quarter of 2024, according to The Clearing House.  

With KeyBank seeing high traction among consumers for TCH’s RTP, the Cleveland-based bank aims to fully develop its TCH capabilities before enabling FedNow, Nowac said. 

“FedNow is on KeyBank’s roadmap, but is not yet enabled,” Nowac said.