COLUMBUS, Ohio & New York – Huntington (Nasdaq: HBAN) recently launched a real-time payments capability for its customers leveraging the RTP® network, the first new payment rail in the United States in more than 40 years.
Consumer and business customers can now receive payments directly into their accounts with real-time receipt confirmation and nearly instant availability. The real-time payments capability also provides improved communication between payers and payees, including messaging.
“We’re excited to deliver more innovation for our customers. Real-time payments is a tremendous leap forward in meeting their needs for greater speed, security and efficiency in payments,” said Adriana Hastings, Huntington’s Treasury Management Director. “Real-time credits are visible on any Huntington digital channel, including our Retail Online and Business Online platforms, our mobile app, as well as on monthly statements.
Future enhancements to the real-time payments capability will include other technical capabilities to improve the overall payments process.
“This innovative payment method provides around-the-clock payment capability and redefines the digital experience for both consumer and business payments,” Hastings added.
“Today, customers expect real-time services from businesses, whether it is for 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 for real-time payments, and we are excited that they have joined the real-time payments revolution.”
The RTP network, provided by The Clearing House, is the first new core payments infrastructure built in the U.S. in more than 40 years and gives the banking industry a modern platform for domestic payments, complete with rich data capabilities and immediate payment confirmation. The system enables instantaneous settlement and availability, so those funds can be used or withdrawn as cash within seconds. With receipt of real-time payments, businesses will experience improved straight-through processing, automated reconciliation, fraud and risk reduction, rich data reporting and analytics capabilities, partnership integration, and reduced operational costs. The Clearing House is an association of 24 of the world’s largest banks, including Huntington.
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Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio, with $114 billion of assets and a network of 839 full-service branches, including 12 Private Client Group offices, and 1,434 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 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 the RTP® network. 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