“Banks are pushing for greater adoption of real-time payments by focusing on specific activities that are in and of themselves time consuming, such as selling a car…Automotive transactions are emerging as an early use case for the Clearing House’s RTP rail. TD Bank has introduced a similar product and JPMorgan Chase has also mentioned auto-related purchases as a pain point in need of addressing.”

“On April 18, The Clearing House (TCH) will increase the general transaction value limit to $1 million on the RTP® network. TCH, the operator of the RTP network, is increasing the value limit for payments on the network as the transaction volume and number of users on the RTP network continues to grow. Increasingly, corporate users are looking for ways to transfer higher value payments for various use cases, including real estate closings, commercial loan funding, merchant settlement, supplier payments, and more. The increase to $1 million, from the current transaction limit of $100,000, follows a similar increase to the Same-Day ACH transaction limit, which took place on March 18. The RTP network limit increase provides financial institutions and their customers with another similar choice for moving up to $1 million via a faster payment.”

“TD Bank, America’s Most Convenient Bank® , today announced that TD Auto Finance has launched real-time payments for its network of dealers, becoming the first indirect auto lender to roll out the ability to send real-time payments nationwide. With real-time payments, TD Auto Finance can fund dealers as contracts are booked throughout the day, rather than sending batch payments overnight via ACH. This provides dealers with improved cash flow management and greater visibility into their financial position.”

“Volante Technologies , the global leader in cloud payments and financial messaging, and KPMG are joining forces to offer financial institutions comprehensive ISO 20022 and real-time payments (RTP) readiness diagnostics. The strategic alliance will offer banks a winning combination of cloud-native payment solutions and related advisory, enabling banks to modernize their payments processes and operations faster than ever.”

“U.S. Bank and Driveway have collaborated to pay car sellers immediately with real-time payments, making Driveway the first online car dealership to pay customers over the RTP® network. Customers selling a car on Driveway.com can now have the payment deposited instantly into their bank account after a sale is complete and before the vehicle even leaves their driveway.”

“Real-time payment systems which are appearing in major economies around the world, undercut a claim for crypto as a fast, low-cost payments innovation. Instead, it is slow, has limited capacity, and is unregulated, which means users are not protected.   “Electronic payments have been increasing for a while,” said Elena Whisler, senior vice president at The Clearing House, which launched real-time payments in November 2017.”

“While instant invoicing and real-time payments have gained some traction as a way for large billers such as utilities to help consumers manage balances, Citizens is betting corporate clients can also benefit from the same liquidity to offset the uncertainty in supply chains… The unit of Citizens Financial plans to go live with request-for-pay (RfP) via its accessOptima treasury management system during the first half of this year, covering both business-to-business and business-to-consumer transactions. The deployment comes as banks start to pair RfP with The Clearing House’s RTP rail, creating a combination of instant billing and real-time payments. The use cases thus far have focused on overdraft protection for consumers, but there are also potential business uses such as addressing the lack of predictability in supply payments.”

“Eighty-five percent of business leaders say the most important factor when choosing a banking partner is whether the financial institution offers real-time payments (RTP) capabilities, according to Citizens’ annual payments and treasury survey. In the nationwide survey of 260 corporate decision-makers, the ability to offer RTP, the new standard in U.S. billing and payment processing, topped the list of requirements for the first time and was considered more important than the ability to provide the lowest-cost financing.”

“With the proliferation of immediate payments, one area resistant to change has been bill pay. But U.S. Bank is leading the industry, bringing the power of Real-Time Payments to the U.S. Bank consumer bill pay experience for the first time. U.S. Bank successfully completed a test of consumer bill payments using Request for Payment (RfP), an RTP® solution that is transforming how billers send and customers pay their bills. U.S. Bank will be one of the first financial institutions to bring this capability to the marketplace when it makes the service available to its millions of consumer bank customers in the first quarter of 2022.”

“Citi’s Treasury and Trade Solutions (TTS) has enhanced Citi® Present and Pay, its market-leading electronic bill presentment and payment platform for institutional billers in the U.S. Key new capabilities include the addition of Citi® Verify, a real-time account verification tool, and electronic bill (e-Bill) distribution capabilities through Request for Pay (RfP) messaging via the RTP© network, the real-time payment system from The Clearing House (TCH).”

“Jack Henry & Associates, Inc. (NASDAQ: JKHY ), a leading provider of technology solutions and payment processing services primarily for the financial services industry, announced today that its clients represent the majority of financial institutions live on The Clearing House’s RTP® network. There are currently 118 of the 177 banks and credit union live through Jack Henry’s faster payments hub, JHA PayCenter ™, plus Jack Henry has an additional 87 clients in various stages of the implementation process.”

“Building on its position as the world’s leading instant payments bank, Citi’s Treasury and Trade Solutions (TTS) division now facilitates digital bill payment for both institutional billers and their consumer customers via the RTP© network, the real-time payment system from The Clearing House (TCH). With this capability, Citi’s institutional clients in the U.S. can send electronic bills (e-bills) via Request for Payment (RfP) messages to retail account holders at Citi and other participating banks. Consumers, meanwhile, benefit from the flexibility to pay their bills immediately, at any time of day, 365 days a year, with greater control over their finances to help avoid overdraft fees.”

“Interactive Brokers Group (Nasdaq: IBKR), a global brokerage firm, today announced it went live with J.P. Morgan (NYSE: JPM) on Request for Payment, a real-time payment-related messaging service that is provided through The Clearing House RTP network. Request for Payment gives investors the ability to make instant deposits 24/7 to fund brokerage accounts and begin trading immediately. Request for Payment is designed to be a fast, transparent and secure method of initiating payment requests that provides investors with an alternative to legacy money transfer services that can take up to five business days to settle into brokerage accounts.”

“Seeking to improve the customer experience for insurance-claim payments, Metromile Enterprise Solutions LLC, an automated insurance-claims payments platform, is partnering with payment processor Dwolla Inc. to enable digital payments. With the Dwolla integration, insurance companies using Metromile’s Streamline platform can send claims payments in real time using The Clearing House Payment Co.’s RTP Network. Other methods through Dwolla include the automated clearing house network and push-to-debit disbursements. In April, Dwolla released an application programming interface to enable real-time payments through the RTP network.”

“Volante Technologies , the global leader in cloud payments and financial messaging, today revealed findings from its payments modernization survey aimed at mid-tier banks and credit unions in the U.S. with assets between USD 2.5B and USD 25B. The results show that real-time payments connections are expected to triple within the year, and that cloud Payments as a Service (PaaS) is a growing industry priority.”

“Veridian Credit Union , a full-service financial cooperative with $5.5 billion in assets and more than 260,000 members, has selected Alacriti , an innovator in cloud-based payments and money movement services, as the platform provider that Veridian will use to enable real-time payments over The Clearing House’s (TCH) RTP® network and to accelerate their Fedwire modernization.”

“Global payments giant JPMorgan Chase & Co (JPM.N) has launched a real-time payments option that it hopes will increase its edge in the financial industry’s battle to handle more of the surging volumes of global digital payments. The new product, called request for pay, lets corporate clients send payment requests to the bank’s roughly 57 million retail clients who use its app or website, cutting the cost and time it takes for those companies to get paid, said Cyrus Bhathawalla, the bank’s global head of real-time payments.”

“Comerica Bank announced a major enhancement to its online payments service, Comerica Treasury Payments®, with the addition of real-time payments. Comerica is among the first banks to offer commercial and business banking customers the ability to send real-time payments over the RTP® network, which reaches approximately 60 percent of U.S. demand deposit accounts, and joins a number of banks making the service accessible through an online banking portal. The RTP network, developed by The Clearing House, allows companies to send and receive immediate domestic funds credits of up to $100,000 to businesses and consumers.”

“DailyPay, the leader in on-demand pay, has teamed up with PNC Bank and The Clearing House to offer real-time payments over the RTP® network, creating the ability to fulfill employee payment needs 24/7/365 with unmatched speed and accuracy…The RTP network provides DailyPay with a safe and seamless way to instantly transfer funds to its users’ bank accounts, giving the users the power of choice and control over their immediate earned income. Along with instant delivery and availability of funds to the recipient, the sender receives confirmation that the funds were successfully delivered. A key attribute of real-time payments for DailyPay users is the ability to receive earned wages instantly, as needed, without disrupting the employer’s normal weekly or biweekly payroll administration and process.”

“The past year has seen the emergence of what PNC Financial Services Group’s Chris Ward calls the “immediate economy,” and that has made all the difference for the bank’s real-time payment program. More than 250 of the bank’s wholesale clients are now regularly using PNC’s connection to The Clearing House’s RTP network, which is up from just a handful a year ago. “As so much more gets digitized, there’s more of a need to have funds immediately,” said Ward, who is the executive vice president and head of product for treasury management at PNC, which is connected to both TCH’s RTP network and the bank-backed Zelle peer-to-peer transfer app.”