Businesses Soon Will Be Able to Pay $10 Million Bills Instantly

Companies and consumers soon will be able to send as much as $10 million instantly via the bank-owned RTP network, an increase from $1 million that could ease large transactions such as real estate payments or merchant bills.

The Clearing House’s RTP — or real-time payments — network is unveiling the increase in individual-transaction limits, which will go into effect Feb. 9, as the movement of money is increasingly global and occurring at all hours. The Clearing House is owned by 22 of the world’s largest banks, including Bank of America Corp., Wells Fargo & Co. and Citigroup ...