FirstBank to provide faster payments to customers through the RTP network

FirstBank will leverage the RTP network to deliver to its customers a modern payments infrastructure, enabling consumers and businesses to send, clear, and settle payments immediately.

By implementing the RTP network, FirstBank joins a growing number of financial institutions offering advanced new capabilities to their customers and partners. The RTP network currently reaches more than 50% of US demand deposit accounts, is on track to achieve ubiquity in 2020, and is designed to be implemented by depository institutions of all sizes.

The RTP network delivers 24/7/365 clearing and interbank settlement, including the real-time movement of money between participating financial institutions. It is the first new core payments infrastructure built in the US in over 40 years and is delivering a wave of payments innovation to benefit customers nationwide. The RTP network offers a flat pricing structure for all depository institutions regardless of size, and does not include volume discounts or have minimum volume requirements.

FirstBank offers a variety of checking accounts, savings accounts, home equity loans, mortgages, and a full range of commercial banking services, including financing, treasury management and deposit accounts.

Since its founding in 1853, The Clearing House has delivered payments systems, facilitated bank-led payments innovation, and provided thought leadership on strategic payments issues. The Clearing House continues to leverage its capabilities to support bank-led innovation, including launching the RTP network.