Finastra, which announced back in June that Berkshire Bank would be connecting to the RTP® network, released the first part of a three-episode series on real-time payments, titled Real-time Payments and Payments Modernization. Episode 1 featured Robert Mancini of Finastra, Joe Casali of NEACH, and Tim Mills of The Clearing House, and explores the evolution of the RTP network, the Federal Reserve’s FedNow initiative, and the future of payments modernization.
“When we look at RTP, this is not just a retail application. There are many use cases for businesses,” said Robert Mancini, Head of Payments at Finastra. “When you think about real-time payments, it just isn’t about the speed of the payment, it’s about the predictability of the payment. For corporate customers, there are inflows and outflows of cash and being able to predict exactly when a payment should go out … is a huge advantage from a cash flow and liquidity perspective.”
Mancini added during the podcast that the move to the RTP network is not just about faster payments. “It’s about modernizing the entire payments infrastructure and the capabilities and options that people have when it comes to payments.”
Tim Mills, Vice President of RTP Network Business Development at TCH, noted that the banks on the RTP network are starting to understand what that really means, in terms of operations and what real-time payments capabilities mean for customers and potential new products. “During the last three to four years, real-time payments became real,” Mills said. “These new capabilities from real-time payments bring new business opportunities. … How do we translate that into new products, and how do we translate that into what customers are expecting.”
Listen to the full podcast below, or subscribe on Apple Podcasts.