BofA Clients Embrace New $10 Million Limit in U.S. Real-Time Payments

NEW YORK, June 10, 2025 /PRNewswire/ -- Recent action from The Clearing House to increase the transaction limit on real-time payments from $1 million to $10 million is fueling new use cases in business-to-business payments among Bank of America clients. The bank is one of the first financial institutions to enable its corporate customers to send payments up to the new transaction limit.

As one of the owners of The Clearing House, Bank of America played a significant role in developing the RTP® network in consultation with peer banks, technology firms and the U.S. Federal Reserve.

"Our clients have been using RTP to pay vendors, employees and customers, but the larger cap has opened up use cases for different kinds of transactions, such as real estate and deal closings and other corporate activity," said AJ McCray, head of Global Payments Products, Global Payments Solutions (GPS) at Bank of America.

In the first six weeks since the transaction limit was raised, BofA corporate clients have increasingly taken advantage of the limit increase, with transactions over $1 million now accounting for more than half the value of all U.S. real-time payments the company is processing.

"The instant nature of real-time payments is a huge advantage for optimizing working capital and cashflow," said Jay Davenport co-head of GPS Global Corporate Sales at Bank of America. "RTP payments embody some of the most commonly requested features from our customers – convenience, transparency and resiliency." 

Key features of the RTP network

• The network operates 24 hours, 7 days a week including holidays and weekends. Payments are settled immediately, regardless of time of day.
• The originator of a payment has transparency into the status of transaction, including whether it has been accepted or rejected.
• The recipient receives a payment within seconds.
• RTP uses ISO 20022, the international standard for financial messaging. This robust message standard offers multiple options for the originator to incorporate detailed remittance information with the payment.

As real time payment adoption continues to rise, companies can explore new applications such as just-in-time supplier payments, complete real-estate transactions, and account to account money movement.  

Bank of America serves 94% of the Fortune 500 and 73% of the Global Fortune 500. Besides U.S. RTP network connectivity, these clients can take advantage of the full range of payment capabilities such as commercial card, ACH, wire and transactional FX solutions, in addition to the bank's own innovations, Recipient Select and Digital Disbursements.

Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).

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Reporters may contact:

Louise Hennessy, Bank of America   
Phone: 1.646.858.6471
[email protected]

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SOURCE Bank of America Corporation