North America Levels Up Real-Time Payments With Bigger Limits

Real-time payments are becoming a fixture in financial ecosystems across North America, driven by updates in network capabilities, expanded transaction limits and innovative use cases.

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Real-time payments are becoming a fixture in financial ecosystems across North America, driven by updates in network capabilities, expanded transaction limits and innovative use cases. The latest edition of the Real-Time Payments World Map tracks several key developments in the United States and Canada that highlight the continued evolution of fast, efficient payments.

In the U.S. in June, Comerica Bank became one of the first institutions to adopt The Clearing House’s updated on-behalf-of (OBO) payments framework. Enabled through a partnership with Monex USA, this model allows account holders to send funds via the RTP^® network on someone else’s behalf, supporting new business use cases such as payroll and marketplace disbursements. The OBO framework also enhances transparency and compliance for instant payments.

Meanwhile, the FedNow^® Service is opening the door to higher-value transactions. June infrastructure upgrades have increased the transaction limit from $500,000 to $1 million and introduced customizable account activity thresholds, giving financial institutions (FIs) more control over risk management based on customer segment.

Technology partners are also helping to integrate real-time payments into everyday experiences. In one example, a credit union member used a merchant-generated QR code to complete a real-time payment via the FedNow rail, showcasing the role of universal QR standards in enabling seamless retail transactions.

In Canada, Accept/Pay Global is extending real-time functionality to enterprise clients through an API-powered Interac solution. The company tailored the platform for enterprises seeking to streamline high-volume transactions in sectors such as lending, payroll and insurance.

Together, these advances signal that real-time payments are gaining ground across borders and use cases. As networks expand capabilities and adoption grows, the future of payments is increasingly instant.

Reporting by PYMNTS

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