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April 11, 2022

On the web

TD Bank, U.S. Bank Putting Car Payments in the Fast Lane

American Banker

“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.”

April 6, 2022

On the wires

TCH to Raise RTP® Network Transaction Limit to $1 Million

“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.”

April 1, 2022

On the wires

TD Auto Finance Rolls Out Real-Time Payments for Dealers

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.”

March 29, 2022

On the wires

KPMG and Volante Technologies Launch Strategic Alliance for Real-Time Payments and ISO 20022 Modernization

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.”

March 24, 2022

On the wires

March 23, 2022

On the web

Do Advanced In Real-Time Payments Make Crypto Less Interesting?

Forbes

“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.”

March 2, 2022

On the wires

Volante Technologies Launches First Unified Service for FedNow℠ and TCH RTP®

Volante Technologies , the global leader in cloud payments and financial messaging, today announced that it is offering U.S. banks and financial institutions a single unified solution for the FedNow℠ Service and TCH RTP® real-time payments . Adopters of the industry-first service will be able to start their real-time payment journeys with TCH RTP® immediately, and seamlessly add the FedNow Service when the new network is ready, gaining a unique advantage in the increasingly competitive U.S. payments landscape.”

February 25, 2022

On the web

Citizens Pushes Real-Time Billing as a Fix for Supply Chains

American Banker

“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.”

February 2, 2022

On the wires

Accenture to Develop UAE National Instant Payment Platform

“Accenture (NYSE: ACN) has been selected by the Central Bank of the UAE (CBUAE) to lead a consortium of companies to help execute its National Payment Systems Strategy. In collaboration with SIA, now part of Nexi Group, and G42, Accenture will build and operate the National Instant Payment Platform (IPP) over the next five years…IPP is the first significant milestone of the national strategy, allowing real-time payments and fund transfers 24 hours a day.”

January 31, 2022

On the wires

Real-Time Payments Capability Is Deciding Factor When Businesses Choose a Bank

“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.”

January 26, 2022

On the wires

EMQ Accelerates Real-time Cross-border Payments Across Europe to Support Global Enterprises

“Global payments network EMQ deepens its reach across Europe by adding SEPA instant credit transfer (SCT Inst) capabilities to its network. This major enhancement further extends EMQ’s network infrastructure into the high-growth markets in the SEPA (Single Euro Payments Area) zone, and enables global enterprises to send funds instantly in euros to a wider set of beneficiary accounts in Europe.”

Bank Indonesia Drives Country’s Real-Time Payment Ambitions With ACI Worldwide

Bank Indonesia (BI), Indonesia’s central bank, has launched the country’s first real-time payments infrastructure, BI-FAST, driven by ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time digital payment software . BI-FAST is an integral part of Indonesia’s ongoing digital modernization initiative and central to its Payment System Blueprint, IPS 2025 . IPS 2025 aims to transform the country’s payment infrastructure, integrate its digital economy and finance sector, and respond to public demands for a fast, easy, safe, affordable and reliable payment system.”

January 7, 2022

On the wires

U.S. Bank Advances Real-Time Payment Solution for Convenient Consumer Bill Pay

“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.”

December 17, 2021

On the wires

Aptys Solutions Launches Liquidity Manager for Real‐Time and FedNow Payments

“Aptys Solutions, the leading fintech partner of cloud-based, multi-channel, and real-time and mobile payments to more than 4,500 financial institutions, announced today  that it now offers a liquidity manager for real-time payments. This allows correspondents that provide funding services to other institutions, or individual financial institutions, to automate liquidity  management and offer real-time reconciliation and transaction posting. Midwest Independent  BankersBank (MIB) and Bankers’ Bank of the West are amongst the first financial institutions  to select this new real-time payments module available through Aptys’ multi-channel payments  platform PayLOGICS.”

December 13, 2021

On the wires

Citi® Present and Pay Now Live With Account Authentication and Real-Time Payments

“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).”

November 23, 2021

On the wires

Jack Henry’s Clients Represent 67% of Financial Institutions on the RTP® Network From The Clearing House

“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.”

November 10, 2021

On the wires

Even Adds Real-Time Payments From J.P. Morgan to Provide Workers With Instant Access to Earned Wages

Even , a leading financial benefits platform designed to provide financial resiliency and control to employees, today announced that millions of hourly workers across the U.S now have instant access to their earned wages. Real-time payments (RTP) from J.P. Morgan is the latest addition to Even’s platform, providing members with even more options to access their pay in real time. RTP is a secure and frictionless payment method that instantly delivers funds to an Even member’s bank account, giving them access to their earned wages in seconds rather than days, regardless of the time of day or day of the week. Since the beta launch in July, Even members have accessed more than $250 million in earned wages instantly. Within the Even platform members can access wages at the push of a button through digital instant disbursement options which include Push to Card and now RTP.”

November 9, 2021

On the web

Indonesia to Launch Retail Payment System

OpenGov Asia

“Indonesia’s central bank, Bank Indonesia (BI), has continued its innovative initiatives by launching the long-awaited BI-Fast, a real-time retail payment system infrastructure, to meet public demand for fast, mobile, secure and low-cost transactions. BI-Fast was established to serve industrial consolidation and end-to-end integrated digital economy and finance (EKD), a national step toward realising the Indonesia Payment System Blueprint (BSPI) 2025 and to meet public demand for a fast, easy, affordable, safe, and reliable payment system, according to BI Governor Perry Warjiyo.”

October 25, 2021

On the wires

Citi’s Real Time Bill Payment Solution Now Connects Institutions With Consumers

“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.”

October 21, 2021

On the wires

Interactive Brokers Introduces Request for Payment Service From J.P. Morgan

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.”

September 16, 2021

On the web

Dwolla Partners With Metromile to Enable Digital Insurance Claims Payments

Digital Transactions

“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.”

September 15, 2021

Top Post

BNY Mellon, Citi and Verizon Launch Real-Time Bill Pay for Retail Customers in Market First

“BNY Mellon and Citi have collaborated with Verizon to be the first company to send request-for-payment messages to consumers who bank with Citi. When using BNY Mellon’s new Real-Time E-Bills and Payments functionality, Verizon customers with Citibank accounts can pay their bills immediately, at any time of day, 365 days a year, and enjoy greater control over their finances to help avoid overdraft fees.”

September 2, 2021

On the web

ABA Calls for Interoperability As Fed Develops FedNow | ABA Banking Journal

ABA Banking Journal

“In a comment letter to the Federal Reserve today, the American Bankers Association offered feedback on a recent proposal to revise Regulation J to accommodate the new FedNow Service, which is expected to go live in 2023. The proposal would create a new subjection in Regulation J that will apply solely to FedNow Service transactions. In the letter, ABA called on the Fed to strive towards interoperability with the TCH Real Time Payments Network and, at a minimum, to adopt policies and procedures that are consistent with existing industry practices. ABA also recommended that the definition of “immediately” in Reg J remain undefined, at least until the FedNow Service conducts a technical assessment of what would be reasonable.”

August 23, 2021

On the wires

Volante Technologies Finds U.S. RTP Connections Poised to Triple Within the Year

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.”

August 12, 2021

On the wires

Veridian Credit Union Partners With Alacriti for Real-Time Payments and Fedwire Modernization

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.”

August 10, 2021

Top Post

JPMorgan Launches New Real-time Payments Service

Reuters

“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.”

June 22, 2021

On the wires

Comerica Bank Delivers Real-Time Payments Through Commercial Online Payments Service

“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.”

June 15, 2021

On the wires

DailyPay, PNC Bank and The Clearing House Team up to Provide Real-time Access to Earned Pay for Millions of American Workers

“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.”

May 26, 2021

On the wires

BNY Mellon’s New Solution Leads the Digital Bill-Pay Revolution

“BNY Mellon today announced that it has launched a first-of-its-kind real-time electronic bill (e-bill) and payment solution. Displacing the inefficient and antiquated process historically used to handle the majority of the 15 billion bills paid in the U.S. annually, this pioneering capability enables U.S. businesses to present digital bills to their consumer clients in real-time and receive instant payment via the consumers’ preferred online and mobile banking channels. This transformational solution promises significant change by delivering ubiquitous 24/7/365 digital capabilities that will improve their end-to-end payment interactions. Businesses can leverage real-time integrated messaging through application programming interfaces (APIs) to provide instant, end-to-end straight through processing from bill-presentment to payment to reconciliation. Banks can also leverage this solution for their own clients via BNY Mellon’s white-label offering. These e-bills will be sent over the RTP® network operated by The Clearing House.”

May 25, 2021

On the web

PNC Reports Brisk B2B Enrollment for Real-time Payments

American Banker

“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.”