FirstBank to Provide Faster Payments to Customers on the RTP® Network
Colorado-based FirstBank will enable consumers and businesses to send, clear, and settle payments in real time on the RTP network.
Lakewood, CO, June 13, 2019 – FirstBank, one of the nation’s largest privately held banks, announced that it is joining the real-time payments revolution, 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 the most modern payments infrastructure in the world, enabling consumers and businesses to send, clear, and settle payments immediately.
“At FirstBank, we pride ourselves on providing our customers with the most technologically advanced services, and joining the RTP network allows us to continue that promise,” said Jim Reuter, CEO of FirstBank. “Given the combination of speed and improved transparency, the RTP network allows customers to know exactly when their funds are posted, or when a transaction is completed. It’s encouraging to see the banking industry working together to modernize our payment system, and meeting customer expectations.”
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 percent of U.S. demand deposit accounts, is on track to achieve ubiquity in 2020, and is designed to be implemented by depository institutions of all sizes.
“We are excited that FirstBank is joining the RTP network and The Clearing House is ready to work with them to bring real-time payments to their customers,” said Jim Aramanda, CEO of The Clearing House. “The RTP network allows innovative banks such as FirstBank to provide new levels of speed and efficiency in payments transactions that will significantly benefit their customers.”
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 United States 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 began providing banking services in Colorado in 1963. Today, the bank maintains more than $19 billion in assets and operates more than 115 branch locations across Colorado, Arizona and California. 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 2000, FirstBank has been recognized as a leader in corporate philanthropy, contributing more than $65 million and thousands of volunteer hours to charitable organizations. The company is also unique in that a large portion of its stock is owned by management and employees, giving all employees a financial stake in the bank’s success through its Employee Stock Ownership Program. For more information, visit www.efirstbank.com.
About The Clearing House
Since its founding in 1853, The Clearing House has delivered safe and reliable payments systems, facilitated bank-led payments innovation, and provided thought leadership on strategic payments issues. The Clearing House continues to leverage its unique capabilities to support bank-led innovation, including launching the RTP® network, a real-time payment system that modernizes core payments capabilities for all federally-insured U.S. depository institutions. The Clearing House 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. As the country’s oldest banking trade association, The Clearing House also provides informed advocacy and thought leadership on critical payments-related issues facing financial institutions today. The Clearing House is owned by 24 financial institutions and supports hundreds of banks and credit unions through its core systems and related services. Learn more at www.theclearinghouse.org.
The Clearing House