The Federal Reserve’s FedNow real-time payment system saw a 63% increase in transaction volume in the second quarter, totaling 2.1 million payments. Meanwhile, the private RTP network operated by The Clearing House also experienced an 8% rise in volume to 107 million payments.

The Clearing House dominates real-time payments in the U.S., capturing 98% of second-quarter activity and processing $481 billion in payments compared to FedNow’s $245.8 billion. Both systems offer instant transaction processing, a trend seen globally in payment systems.

FedNow, launched in 2023, has shown steady growth compared to the older RTP system. Despite industry expectations for higher volume growth, FedNow has attracted participation from 1,400 of the 8,800 banks and credit unions in the U.S., with an average daily volume value of $2.7 billion.

Both FedNow and RTP have seen increased activity since the launch of FedNow, with the average value of payments on the networks also rising. The average payment size on FedNow is significantly higher at $115,332 for the quarter, indicating a focus on corporate transactions and a gradual increase in payment limits.

Read more at Yahoo Finance: Real-time payments zoom ahead