NEW YORK & SCOTTSDALE, Ariz., Feb.
25, 2021 /PRNewswire/ -- Early Warning Services, LLC and The
Clearing House (TCH) today announced Zelle® transactions can
now be cleared and settled over the RTP® network.
"Demand for faster payments has never been higher, and today's
integration milestone eliminates lengthy and costly legacy
processes that have long been barriers to many real-time payment
settlements between financial institutions," said Lou Anne Alexander, chief product officer, Early
Warning Services. "Our combined foundation will provide all
financial institutions an easy solution for new and emerging
business use cases, including bill pay."
Bank of America and PNC Bank are the first to send Zelle
payments over the RTP network, providing consumers and businesses a
fully digital payment experience with improved efficiency by
leveraging the emerging global ISO 20022 message standard. By
sending Zelle payments over the RTP network,
financial institutions can enable instant settlement and simpler
back-office processing, improving efficiency and reducing
costs.
"Bank of America and PNC Bank are trailblazing a path to
integrated real-time payments capabilities that will soon benefit
individual account holders and corporate customers," said
Steve Ledford, senior vice president
of product strategy and development, The Clearing House. "The
integration of Zelle payments over the RTP network
means that financial institutions will soon realize the benefits of
future technology synergies between the Zelle and RTP
networks."
Businesses to Have a Fully Digital Bill Payment
Experience
Moving to a real-time bill presentment and
payment experience will allow businesses to increase customer
satisfaction and decrease cost of collections. In the future, when
leveraging the two networks' combined capabilities, businesses can
send bills electronically, reducing the amount spent on paper and
postage while enhancing the customer service experience. By
utilizing Zelle to request a payment, corporate customers
will not need to store and transmit a customer's bank account
information, increasing the level of safety and security during a
transaction.
"This is a great example of technology advancing the way we –
and our clients – do business. Combining the speed of Zelle
and the RTP network will create new powerful opportunities for
companies to seamlessly and efficiently interact with consumers and
small businesses," said Chris Ward,
executive vice president and head of product & operations, PNC
Treasury Management. "Corporate customers will no longer need to
collect bank account information. Instead, they can focus on
transacting through the U.S. banking system with a customer's email
address or U.S. mobile number they use to enroll with
Zelle."
Consumers to Have Greater Control Over Payment Timing
With these future advancements, consumers will benefit from full
transparency and control of their digital payments, including
immediate insight into account balances and real-time payment
confirmations.
"This effort continues to advance the speed, security, and
efficiency of payments for consumers," said Mark Monaco, head of enterprise payments at Bank
of America. "The powerful combination of Zelle
along with the robust messaging and settlement capabilities of the
RTP network will help consumers better manage their money and
reduce the potential for late payments by giving them more control
over the timing of payments and the immediate confirmation of
receipt. We're pleased to partner in these important innovations to
improve the payments system."
About Bank of America
Bank of America is one of the
world's leading financial institutions, serving individual
consumers, small and middle-market businesses and large
corporations with a full range of banking, investing, asset
management and other financial and risk management products and
services. The company provides unmatched convenience in
the United States, serving
approximately 66 million consumer and small business clients with
approximately 4,300 retail financial centers, including
approximately 2,700 lending centers, 2,600 financial centers with a
Consumer Investment Financial Solutions Advisor and approximately
2,400 business centers; approximately 17,000 ATMs; and
award-winning digital banking with approximately 39 million active
users, including approximately 31 million mobile users. Bank of
America is a global leader in wealth management, corporate and
investment banking and trading across a broad range of asset
classes, serving corporations, governments, institutions and
individuals around the world. Bank of America offers
industry-leading support to approximately 3 million small business
households through a suite of innovative, easy-to-use online
products and services. The company serves clients through
operations across the United
States, its territories and approximately 35 countries. Bank
of America Corporation stock (NYSE: BAC) is listed on the New York
Stock Exchange.
About Early Warning Services, LLC
Early Warning
Services, LLC, is a fintech company owned by seven of the country's
largest banks. For almost three decades, our identity,
authentication and payment solutions have been empowering financial
institutions to make confident decisions, enable payments and
mitigate fraud. Today, Early Warning is best known as the
owner and operator of the Zelle Network®, a financial
services network focused on transforming payment experiences. The
combination of Early Warning's risk and payment solutions enable
the financial services industry to move money fast, safe and easy,
so people can live their best financial lives. To learn more about
Early Warning, visit www.earlywarning.com
About PNC Bank
PNC Bank, National Association, is a
member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC
is one of the largest diversified financial services institutions
in the United States, organized
around its customers and communities for strong relationships and
local delivery of retail and business banking including a full
range of lending products; specialized services for corporations
and government entities, including corporate banking, real estate
finance and asset-based lending; wealth management and asset
management. For information about PNC, visit www.pnc.com
About The Clearing House
The Clearing House operates
U.S-based payments networks that clear and settle more than
$2 trillion each day through wire,
ACH, check image, and the RTP® network. It is the nation's most
experienced payments company, with a long track record of providing
secure and reliable systems, payments innovation, and strategic
thought leadership to financial institutions. Most recently, The
Clearing House has revolutionized U.S. payments infrastructure with
the RTP network, which supports the immediate clearing and
settlement of payments, along with the ability to exchange related
payment information across the same secure channel. These RTP
capabilities enable all financial institutions to offer safer,
faster, and smarter digital transaction services for their
corporate and retail customers. Learn more at
www.theclearinghouse.org.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/early-warning-services-and-the-clearing-house-now-enable-zelle-payments-on-the-rtp-network-301235394.html
SOURCE Early Warning Services, LLC