PNC Treasury Management launches intelligent payment routing tool

US-based financial services company PNC Treasury Management has announced it is offering intelligent payment routing capabilities.

With this service, clients can specify criteria that will help determine the appropriate payment type or format payments to different specifications based upon clearing channel, thus increasing efficiency and allowing them to directly focus on growing their business.

Intelligent payment routing provides clients with flexible options that suit their individual business needs and individual payment scenarios. Clients create a payment file and PNC Treasury Management will determine the most appropriate type of payment channel based upon specific factors, such as the fastest delivery and lowest cost, based upon preset parameters established by the client. Payment can be sent via real-time payment (RTP), Same Day ACH or Next Day ACH. An option for Wire transfer will be added in first quarter 2020.

PNC will use intelligent routing for its own employee expense reimbursement program. To speed reimbursements while minimizing efforts for accounts payable, PNC will use the existing NACHA origination file and the employee's direct deposit payroll information. Intelligent routing will send the payment immediately if it determines the account of the employee is eligible to receive an RTP. Otherwise, the payment will be sent through ACH to the employee's personal account.