The Clearing House’s real-time payments network saw a surge in activity during the first quarter of 2024, processing a record 76 million transactions totaling billion. March proved to be particularly noteworthy, with nearly 27 million transactions taking place, marking it as a record-breaking month for the network. On March 1 alone, over 1.25 million transactions were conducted, making it the busiest day on the network.
According to TCH, both the volume and value of transactions on the network have been steadily increasing at an average rate of 15% per quarter. This growth has primarily been driven by financial institution customers utilizing the network for instant money transfers and payments. In March, there was a notable increase in transactions between accounts and from digital wallets to checking or savings accounts, with over 1 million payments being made.
Small businesses have also been leveraging the network, with merchant settlement activity experiencing a growth of more than 140,000 transactions between February and March. Overall, the Clearing House’s real-time payments network has proven to be a reliable and efficient platform for conducting instant transactions, catering to the needs of both individuals and businesses alike.
