Fatima Gulzar
2 min read
In This Article:
Bank of America Corporation (NYSE:BAC) is among the 11 Best Financial Services Stocks to Buy Right Now. It has made it possible for business clients to use the new $10 million limit for real-time payments on the RTP® network.
A professional banker providing consultation to a customer in the security of his office.
This comes after The Clearing House recently raised the ceiling from $1 million. More than half of Bank of America Corporation (NYSE:BAC)’s real-time payment value in the United States now consists of transactions totaling over $1 million in just six weeks. The bank played a key role in the development of the RTP network as a co-owner of The Clearing House.
The increased transaction cap expands BofA clients’ use cases to include real estate closings and corporate deal settlements. Bank of America Corporation (NYSE:BAC)’s head of Global Payments Products, AJ McCray, stated the wider uses and effectiveness that instant payments allow.
GPS Global Corporate Sales co-head Jay Davenport identified advantages like increased cash flow and transparency. The RTP network offers instant settlement and remittance communications and operates around the clock in accordance with ISO 20022 standards. Bank of America Corporation (NYSE:BAC)’s corporate reach spans 94% of the Fortune 500 and 73% of the global Fortune 500.
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Disclosure. None.
