HSBC Bank USA now offers business clients the ability to send and receive payments in real time
November 18 2019 - 12:52PM
Business Wire
HSBC Bank USA, N.A. (HSBC) announced today the launch of
real-time payments capabilities on the RTP® network that allow
business and institutional clients of all sizes to pay and be paid
immediately with enhanced convenience and security. With this
latest enhancement in HSBC’s implementation of the RTP network,
these clients began sending real-time payments this morning, having
been able to receive real-time payments since July 2019.
The RTP network is developed by The Clearing House (TCH) and its
owner banks, including HSBC. HSBC is using the RTP network to
provide business and institutional clients with payment
functionality that supports activities such as just-in-time cash
management, instant delivery of payroll, and immediate customer
refunds. The RTP network is also available to HSBC’s individual
customers when receiving payments from businesses and other
individuals.
“As digital banking and e-commerce are embraced around the
world, people expect to move money just as fast as they are able to
check their account balance or buy a new app for their mobile
phone,” said Drew Douglas, Head of Global Liquidity and Cash
Management for the United States and Canada, HSBC. “Our U.S.
customers from individual checking account holders to multinational
corporations are now able to receive payments at the speed of
modern life. Now, our U.S. business clients can send RTP payments,
and our retail customers soon will be able to do the same.”
The roll-out of capabilities for HSBC’s consumer customers to
send payments via the RTP network is expected to be completed early
in 2020.
The payments industry is undergoing a real-time revolution for
in-country transactions. Globally, 46 real time payment networks
are live, and 18 more are in discussion or development. HSBC is
supporting the transition to real time payments in many countries,
including the United States.
HSBC has been working with TCH and other banks to modernize the
U.S. payments industry through the development and adoption of the
RTP network, which moves U.S. Dollars in real time between accounts
at any U.S. depository institution on the RTP network. Every
federally insured U.S. depository institution is eligible to
directly participate in the RTP network.
Launched in 2017, the RTP network now reaches more than 51% of
the demand deposit accounts in the United States, and transaction
volume is growing steadily.
“We are delighted that HSBC is expanding the benefits of the
real-time payments revolution to institutional and business
clients,” said Steve Ledford, Senior Vice President of Product
Strategy and Development, for The Clearing House. “HSBC’s
commercial clients can now send and receive money in real time, as
well as benefit from other enhanced payments functionality, such as
real-time cash management.”
Other RTP network benefits:
- Completed payments in seconds, 24/7/365 with no “off hours” and
no holidays
- Real time availability of funds
- Instant confirmation to both parties
- Improved control: only the account owner can initiate
payments
Customers who are currently eligible to make and receive
payments via the RTP network are those with a U.S. Dollar account
in HSBC USA’s Global Banking and Markets, Commercial Banking and
Privating Banking units, and use HSBCnet or HSBCConnect for online
banking services. For more information, these customers may contact
their HSBC representative.
Note to editors:
About HSBC
HSBC Holdings plc, the
parent company of the HSBC Group, is headquartered in London. HSBC
serves customers worldwide from offices in 65 countries and
territories in our geographical regions: Europe, Asia, North
America, Latin America, and Middle East and North Africa. With
assets of US$2.728bn at 30 September 2019, HSBC is one of the
world’s largest banking and financial services
organizations.
Global Liquidity and Cash Management (GLCM) provides fast, simple, and secure digital
solutions to help clients move, access and invest their cash. GLCM
serves corporate and financial institution clients across 55
countries and territories, and manages more than US$550bn deposits
for the HSBC Group.
HSBC Bank USA, National Association (HSBC Bank USA, N.A.)
serves customers through retail banking and wealth management,
commercial banking, private banking, and global banking and markets
segments. It operates bank branches in: California; Connecticut;
Washington, D.C.; Florida; Maryland; New Jersey; New York;
Pennsylvania; Virginia; and Washington. HSBC Bank USA, N.A. is the
principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of
HSBC North America Holdings Inc. HSBC Bank USA, N.A. is a Member of
FDIC. Investment and brokerage services are provided through HSBC
Securities (USA) Inc., (Member NYSE/FINRA/SIPC) and insurance
products are provided through HSBC Insurance Agency (USA) Inc.
About The Clearing House Since its founding in 1853, The
Clearing House has delivered safe and reliable payments systems,
facilitated bank-led payments innovation, and provided thought
leadership on strategic payments issues. The Clearing House is the
operator of RTP® network, a real-time payment system that
modernizes core payments capabilities for all U.S. financial
institutions, and is the only private-sector ACH and wire operator
in the United States, clearing and settling nearly $2 trillion in
U.S. dollar payments each day, representing half of all commercial
ACH and wire volume. The Clearing House is owned by 24 financial
institutions and supports hundreds of banks and credit unions
through its core systems and related services. RTP® is a registered
service mark of The Clearing House Payments Company L.L.C. Learn
more at www.theclearinghouse.org.
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version on businesswire.com: https://www.businesswire.com/news/home/20191118005703/en/
Media enquiries to:
Rob Sherman, 212-525-6901 robert.a.sherman@us.hsbc.com HSBC
Greg MacSweeney, 212-612-9282
gregory.macsweeney@theclearinghouse.org The Clearing House
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