NEW YORK — The CHIPS, EPN, and RTP networks each reported record activity in November, according to The Clearing House.
The organization said CHIPS saw its highest intraday liquidity savings to date, the RTP network continued to expand instant settlement and 24/7 transaction volume, and EPN processed increased levels of high-volume, recurring payments. The results reflect continued growth in U.S. digital payment activity and broader industry movement toward modern electronic payment systems, The Clearing House said.
“The performance across the CHIPS, EPN, and RTP networks in November reflects the strong growth across all types of digital payments and the immense trust the financial industry places in The Clearing House’s payment systems,” said Pat Antonacci, chief product officer at The Clearing House. “Setting new milestones for value and volume across real time, ACH and wire payments validates the investments we’ve made to support efficiency, resiliency, and innovation across the U.S. payments ecosystem. We’re proud to provide the critical infrastructure that enables banks and their customers to move money safely and seamlessly every day.”
On Friday, November 28, the CHIPS network set new single-day records for wire payments volume and value. The network, which is the largest private sector high-value clearing and settlement system in the world, processed 1.21 million payments, eclipsing the previous record by 12%. The record number of transactions represented $2.97 trillion in payment value, exceeding the prior high that stood for 17 years, which was set on June 30, 2008, during the global financial crisis.
In the month of November, the CHIPS network also set a new milestone for monthly activity, with daily average volume reaching 693 thousand payments, the highest for any month on record. Year-to-date volume growth for CHIPS has exceeded 10%, substantially above industry trends for wire activity, The Clearing House noted.