NEW YORK, Nov. 14, 2017 /PRNewswire/ -- Yesterday, The
Clearing House (TCH) launched RTP®, its real-time payments system,
the first new core payments infrastructure in the U.S. in more than
40 years. The new RTP system was designed and built through
the collaborative effort of TCH's 25 owner banks and meets the
objectives of the Federal Reserve Faster Payments Task Force. RTP
is open to all U.S depository institutions with a goal of reaching
ubiquity by 2020.
The first ever real-time payment on the system was initiated
between BNY Mellon and U.S. Bank yesterday evening. They will
be very shortly followed by Citi, J.P. Morgan, PNC and SunTrust,
who together represent the Industry's earliest adopters of RTP.
"As an industry, RTP positions us like never before to meet the
evolving needs of our customers and commercial clients," said
William S. Demchak, PNC's chairman,
president and chief executive officer and chairman of The Clearing
House's Supervisory Board. "At a time when our clients are asking
for the ability to conduct their business with greater speed,
efficiency and security, RTP will make everyday financial tasks
such as paying bills, issuing invoices, making payroll or settling
insurance claims faster, safer and more satisfying for businesses
and consumers across the country."
"We're excited to complete the first ever bank-to-bank payment
using the new RTP system," said Andy
Cecere, President and CEO of U.S. Bank. "In a
marketplace where banking services are changing dramatically, our
clients trust us to provide them with faster, smarter payments
solutions."
"RTP is one of the most important payment transformation efforts
in our industry. It goes far beyond helping financial institutions
address the legacy challenges of payment processing in the US
(speed, transparency, cost) and improving the client experience.
Bringing online a truly real time, two way, 24x7 payment and
messaging system will create new scenarios and entire new markets
in ways we have not even anticipated," said Ian Stewart, CEO of BNY Mellon Treasury
Services.
"RTP has the potential to revolutionize the way payments are
made in the U.S.," said Jim
Aramanda, CEO of The Clearing House. "Our RTP system
was designed from the ground up to be fast, safe, and a platform
for innovation that enables banks and credit unions to build
products that are more responsive to their customers' needs."
RTP is open to all U.S depository institutions. Similar to Wires
and ACH, RTP will become part of the core industry infrastructure
with the potential to support many use cases and underpin financial
institutions' client-facing services. TCH is working with a
wide array of industry stakeholders, including community banks,
credit unions, and financial institution service providers, to
drive RTP adoption.
As the first payments system to be built in the U.S. since the
birth of the internet, RTP is designed to support not only the
transfer of funds but also the ability to both request payments and
provide critical information about a payment to efficiently deal
with back office reconciliation issues. Through this design,
developed using technology from Vocalink, a Mastercard company, RTP
will support more seamless and efficient e-invoicing, bill pay,
insurance claim payments, cash on delivery payments and more.
RTP also provides transparency and certainty with immediate
confirmation notices that payments have been sent and received and
instantaneously settled. Confirmations provide businesses the
ability to free up working capital by more precisely managing cash
flow and make life less stressful for consumers on tight budgets.
Recognizing the fact that it is impossible to predict future
demands, RTP was built with a flexible design enabling it to
support innovative solutions currently unimagined.
About BNY Mellon Treasury Services.
With locations on six continents and an extensive network of
correspondent financial institutions, BNY Mellon's Treasury
Services group delivers high-quality performance in global
payments, trade services and cash management. It helps clients
optimize cash flow, manage liquidity and make payments more
efficiently around the world in more than 100 countries. Processing
payment transactions in over 120 currencies, the company is a
top-five participant in both the CHIPS and overall funds transfer
markets. The company is also a recognized leader in the delivery of
private-label treasury services solutions for banks and other large
institutional clients.
BNY Mellon is a global investments company dedicated to helping
its clients manage and service their financial assets throughout
the investment lifecycle. Whether providing financial services for
institutions, corporations or individual investors, BNY Mellon
delivers informed investment management and investment services in
35 countries and more than 100 markets. As of Sept. 30, 2017, BNY Mellon had $32.2 trillion in assets under custody and/or
administration, and $1.8 trillion in
assets under management. BNY Mellon can act as a single point of
contact for clients looking to create, trade, hold, manage,
service, distribute or restructure investments. BNY Mellon is the
corporate brand of The Bank of New York Mellon Corporation (NYSE:
BK). Additional information is available on www.bnymellon.com.
Follow us on Twitter @BNYMellon or visit our newsroom at
www.bnymellon.com/newsroom for the latest company news.
About Citi.
Citi, the leading global bank, has
approximately 200 million customer accounts and does business in
more than 160 countries and jurisdictions. Citi provides consumers,
corporations, governments and institutions with a broad range of
financial products and services, including consumer banking and
credit, corporate and investment banking, securities brokerage,
transaction services, and wealth management. Additional information
may be found at www.citigroup.com | Twitter: @Citi | YouTube:
www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook:
www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
About J.P. Morgan's Corporate & Investment
Bank
J.P. Morgan's Corporate & Investment Bank is a
global leader across banking, markets and investor services. The
world's most important corporations, governments and institutions
entrust us with their business in more than 100 countries. With
$22.7 trillion of assets under
custody and $421.6 billion in
deposits, the Corporate & Investment Bank provides strategic
advice, raises capital, manages risk and extends liquidity in
markets around the world. Further information about J.P.
Morgan is available at www.jpmorgan.com.
About PNC
The PNC Financial Services Group, Inc.
(NYSE: 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 SunTrust Banks, Inc.
SunTrust Banks, Inc. is a
purpose-driven company dedicated to Lighting the Way to Financial
Well-Being for the people, businesses, and communities it serves.
Headquartered in Atlanta, the
Company has two business segments: Consumer and Wholesale. Its
flagship subsidiary, SunTrust Bank, operates an extensive branch
and ATM network throughout the high-growth Southeast and
Mid-Atlantic states, along with 24-hour digital access. Certain
business lines serve consumer, commercial, corporate, and
institutional clients nationally. As of September 30, 2017, SunTrust had total assets of
$208 billion and total deposits of
$163 billion. The Company provides
deposit, credit, trust, investment, mortgage, asset management,
securities brokerage, and capital market services. SunTrust leads
onUp, a national movement inspiring Americans to build financial
confidence. Join the movement at onUp.com.
About The Clearing House
The Clearing House is a banking association and payments company
that is owned by the largest commercial banks and dates back to
1853. The Clearing House Payments Company L.L.C. owns and
operates core payments system infrastructure in the United States and is currently working to
modernize that infrastructure by launching a new, ubiquitous,
real-time payment system. The Payments Company 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. Its affiliate, The Clearing House Association L.L.C.,
is a nonpartisan organization that engages in research, analysis,
advocacy and litigation focused on financial regulation that
supports a safe, sound and competitive banking system.
About U.S. Bank
Minneapolis-based U.S. Bancorp (NYSE: USB),
with $459 billion in assets as of September 30,
2017, is the parent company of U.S. Bank National Association,
the fifth largest commercial bank in the United States. The Company operates 3,072
banking offices in 25 states and 4,801 ATMs and provides a
comprehensive line of banking, investment, mortgage, trust and
payment services products to consumers, businesses and
institutions. Visit U.S. Bancorp on the web at
www.usbank.com.
About Vocalink
A Mastercard company, Vocalink
designs, builds and operates industry-leading bank account-based
payment systems. Our technologies power the UK's real-time
payments, settlements and direct debit systems, as well as the UK's
network of over 70,000 ATMs. In 2016, we processed over 90 percent
of salaries, more than 70 percent of household bills and almost all
state benefits in the UK. In addition, our proven real-time bank
account-based payment solutions provide more payment choice to
customers in Singapore,
Thailand and, soon, the United States. For payment news and
insight from Vocalink visit CONNECT -
http://connect.Vocalink.com/
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SOURCE The Clearing House