COLUMBUS, Ohio & NEW YORK – Huntington (Nasdaq: HBAN; www.huntington.com) recently enhanced real-time payments capability for its commercial and business banking customers, who can now send payments via the RTP® network, the first new payment rail in the United States in more than 40 years. Huntington launched the capability for customers to receive payments via the RTP network in 2020.
Real-time payment send capability provides instant settlement, improved invoice management, and payment confirmation with payment receipts provided to senders.
“Ease of use and an improved overall payments experience are the main highlights of send capability for customers,” said Adriana Hastings, Huntington’s Treasury Management Director. “Customers can settle their accounts faster and reconcile their books more quickly and accurately. Providing customers with send capability take convenience and efficiency to a new level.”
Future real-time payments enhancements will include the ability for all types of Huntington customers to receive and respond to Request for Payment messages, as well as the ability to leverage new communication methods and information reporting between payers and payees.
“Today, commercial customers expect real-time services for their business, just like they do in their personal lives when it comes to shopping, streaming media, or banking,” said Steve Ledford, Senior Vice President of Product Strategy and Development at The Clearing House. “Huntington is meeting customers’ expectations, and we are excited that they are adding real-time payments send capabilities for their commercial customers.”
The RTP network, developed by The Clearing House, is empowering financial institutions of all sizes and businesses to implement innovative, value-added use cases for faster payments. The RTP network gives the banking industry a modern platform for 24/7 domestic real-time payments, complete with rich data capabilities and immediate payment confirmation. The network enables instantaneous settlement and availability, so funds can be used or withdrawn as cash within seconds.
The RTP network’s real-time payment capabilities reach approximately 60 percent of U.S. demand deposit accounts, with more financial institutions joining the network each week. The RTP network offers a flat pricing structure for all depository institutions regardless of size, does not include volume discounts, or have minimum volume requirements.
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Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio, with $126 billion of assets and a network of 814 full-service branches, including 11 Private Client Group Offices, and 1,314 ATMs across seven Midwestern states. Founded in 1866, The Huntington National Bank and its affiliates provide consumer, small business, commercial, treasury management, wealth management, brokerage, trust, and insurance services. Huntington also provides vehicle finance, equipment finance, national settlement and capital market services that extend beyond its core states. Visit www.huntington.com for more information.
About The Clearing House
The Clearing House operates U.S.-based payments networks that clear and settle more than $2 trillion each day through wire, ACH, check image, and real-time payments. It is the nation’s most experienced payments company, with a long track record of providing secure and reliable systems, payments innovation, and strategic thought leadership to banks and credit unions. Most recently, The Clearing House has revolutionized U.S. payments infrastructure with the RTP® network, which supports the immediate clearing and settlement of payments, along with the ability to exchange related payment information across the same secure channel. These RTP capabilities enable all financial institutions to offer safer, faster, and smarter digital transaction services for their corporate and retail customers. Learn more at www.theclearinghouse.org.
The Clearing House