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FIS and TCH Aim to Bring Real-Time Payments to Minority Communities

New York – In an effort to bring the benefits of real-time payments to all Americans, especially those in communities served by minority-owned depository institutions (MDIs), financial technology leader FIS and The Clearing House are jointly funding the onboarding fees for MDIs joining the RTP® network, the real-time payments network operated by The Clearing House, through FIS.

“Minority-owned banks and credit unions play a crucial role serving their communities and local small businesses, and real-time payments can help solve many cash-flow concerns for customers,” said Jim Aramanda, President & CEO, The Clearing House. “Demand for faster payments has never been higher, and all Americans deserve to enjoy the benefits that come with real-time payments on the RTP network.”

Minority-owned banks and credit unions are key contributors to their local economies and often provide a trusted financial services option for many individuals and small businesses. Without minority-owned financial institutions, many consumers and small businesses in these communities could be susceptible to predatory lending practices, such as payday loans that have exorbitant interest rates or check cashing services that charge high fees. 

“FIS is excited to build on our successful partnership with The Clearing House to promote broad-based financial empowerment in our communities,” said Kelly Beatty, Head of Payment Solutions at FIS. “Working with TCH, we are bringing new and more cost effective real-time payment solutions to MDIs and their clients – consistent with our commitment to increase financial access to all communities.” 

FIS's simplified approach to onboarding MDIs is enabled by the FIS Open Payment Framework (OPF). Through the OPF, FIS provides a complete, turnkey service for U.S. financial institutions to cost-effectively connect to both The Clearing House's RTP® network as well as RealNet™, FIS’s new cloud-based software-as-a-service (SaaS) platform that will enable account-to-account (A2A) transactions over real-time payment networks around the world.

Real-time payments on the RTP network provide consumers and small businesses with the ability to send and receive payments 24 hours a day, 7 days a week, with immediate confirmation of payment receipt. These capabilities help to put the customer in control of their payments and could dramatically reduce the need to rely on check cashing services or dependence on slower payment methods that may lead to late fees and penalties. Small businesses served by MDIs on the RTP network will have the ability to receive payments immediately, which will allow them to pay workers or purchase inventory or supplies on the same day.

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% of U.S. demand deposit accounts, with more financial institutions joining the network each week. Moreover, FIs that hold 70% of U.S. DDAs have technical access to the RTP network, often through core banking technology providers such as FIS. 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, and does not charge an operator fee to receive payments.

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 financial institutions. 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


Media Contact 

Greg MacSweeney
The Clearing House

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