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RTP, the real-time payments network operated by The Clearing House Payments Co. LLC, set another record volume day with 2.27 million transactions processed valued at $8.62 billion on May 1. Its most recent prior record day was Feb. 13 when it processed 2.05 million real-time transactions.
The Clearing House attributes the volume to consumers looking for instant access to their funds to help balance household budgets. TCH points to tax refund disbursements, in particular. These payments for federal, state, and local taxes that are enabled by financial institutions and tax preparation firms increased 78% in the first four months of 2026 compared with the same period in 2025. A TCH spokesperson says it started tracking tax refund payments made via RTP in January 2025.
The tax refund increase reflects consumer demand, TCH says. “The 78% increase in instant tax refund payments reflects a straightforward consumer preference: access to money now. For households managing expenses between paychecks, or small businesses timing vendor payments around a tax refund, the demand for cash flow is a key driver,” a TCH statement says.
The single-day record also highlights increasing adoption for the RTP’s ability to make high-value, time-sensitive transactions among financial institutions and corporations. RTP’s 2025 transaction limit increase to $10 million from $1 million in February 2025 has had a big impact on that use, the spokesperson says.
In January 2025, RTP processed $28 billion per month on its network; by April 2026, that figure had grown to $195 billion.
FedNow, the real-time payments service operated by the Federal Reserve, twice increased its transaction limit in 2025, from $500,000 to $1 million in March and then to $10 million in November.
