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Bank of America (NYSE:BAC) said on Tuesday The Clearing House’s increase in transaction limit on real-time payments to $10M from $1M is expanding the use cases for RTP.
In the first six weeks since the transaction limit was raised, Bank of America (NYSE:BAC) corporate clients have boosted their use of RTP. Transactions of over $1M now account for more than half the value of all U.S. real-time payments the company is processing, the bank said.
“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,” AJ McCray, head of Global Payments Products, Global Payments Solutions at Bank of America (BAC).
Bank of America (BAC) stock ticked up 0.1% in early trading.
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