BofA Clients Embrace New $10 Million Limit in US Real-Time Payments

Published: June 09, 2025

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 B2B 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 US 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 US real-time payments the company is processing.

“The instant nature of real-time payments is a huge advantage for optimising 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 US 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.