FirstBank to provide faster payments to customers through the RTP network

Monday 17 June 2019 13:16 CET | News

FirstBank has revealed that it is committing to bring faster payments capabilities to its customers through the RTP network developed by The Clearing House (TCH).

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.

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Keywords: First Bank, clearing house, Faster Payments, RTP network, clearing and interbank settlement
Countries: World