Welcome to the Top 3 Innovating Payments News Headlines for the Week of February 3, 2025. The RTP® network surpassed the 1 billion payments mark on Friday, Jan. 31. It also set new single-day records for payment volume (1,592,419 transactions) and value ($1.44 billion). Nacha also announced Same Day ACH payments topped the 1 billion mark, with more than 1.2 billion payments for the year. The value of those payments was $3.2 trillion. Meanwhile, Rohit Chopra exits the Consumer Financial Protection Bureau (CFPB) as Scott Bessent steps in.
Read on to learn more.
1. RTP® Network Doubles Volume in 18 Months, Surpassing 1 Billion Transactions and Driving U.S. Payment Innovation (The Clearing House)
The RTP® network has achieved a major milestone, surpassing 1 billion payments – just 18 months after crossing the 500 million transaction mark. After taking more than five years to reach the first half a billion payments, the network's recent rapid growth underscores the expanding acceleration of instant payments adoption in the United States...When the RTP network exceeded the 1 billion payments mark on Friday, Jan. 31, it also set new single-day records for payments volume (1,592,419 transactions) and value ($1.44 billion). (Read more.)
2. Same Day ACH Passes Major Milestone in 2024 as the ACH Network Shows Higher Growth (Nacha)
Led by phenomenal growth in Same Day ACH, Nacha reported across-the-board gains in ACH payments volume and value in 2024. Same Day ACH payment volume topped the 1 billion mark, with more than 1.2 billion payments for the year. The value of those payments was $3.2 trillion. From 2023 to 2024, Same Day ACH volume soared 45.3%, more than double the growth rate from 2022 to 2023… Overall, ACH Network payment volume rose 6.7% from 2023 to 2024, to 33.6 billion payments in 2024. The value of those payments was $86.2 trillion, an increase of 7.6%. (Read more.)
3. Chopra Finally Exits CFPB as Bessent Steps In (Payments Dive)
Rohit Chopra has left the Consumer Financial Protection Bureau, according to a letter he posted Saturday on the social media platform X. "This letter confirms that my term as CFPB Director has concluded," Chopra wrote in a letter addressed to President Donald Trump. "I know the CFPB is ready to work with you and the next confirmed director, and we have devoted a great deal of energy to ensure continued success." President Donald Trump on Friday designated Treasury Secretary Scott Bessent as the agency's acting director, a CFPB news release on Monday said. (Read more.)
What are the downstream implications for your financial institution with the RTP network and Same Day ACH topping the $1 billion mark? What are the potential impacts on financial institutions following Rohit Chopra's departure from the CFPB and Scott Bessent's appointment as acting director?
Check back soon for our next issue, highlighting the industry's most pressing and important developments. Until then, visit us online at Innovating Payments.
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AUTHOR: Joe Casali, AAP, NCP
Executive Vice President
As the EVP of Payments Innovation for NEACH, Joe focuses on exploring innovative solutions and technologies that will help position members for success, both now and in the future. Connect with Joe to read more of his blogs, articles, and posts.
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