New York & Halbur, IA – Westside State Bank, a community bank in Iowa, announced that it is bringing real-time payments capabilities to its customers through the RTP® network developed by The Clearing House (TCH). Westside State Bank (WSB) now has access to the RTP network through SHAZAM, Inc., a national provider of core, EFT and other financial services to community financial institutions, while Bankers’ Bank provides funding agent capabilities. With the RTP network, WSB is delivering to its customers the most modern payments infrastructure in the world, enabling consumers and businesses with immediate availability to funds received 24 hours a day, 7 days a week, 365 days a year, and with instant clearing and settlement between the sending and receiving financial institutions.
“Westside State Bank is proud to partner with The Clearing House, Banker’s Bank & SHAZAM on this advance in real-time payments,” said Matt Lujano, President and CEO of Westside State Bank. “The Bank is excited to be an early adopter in what we see as the future of banking. At Westside State Bank, we offer customers customized service backed by technology that accommodates their ever-evolving financial needs.”
SHAZAM is providing Westside State Bank with access to faster payments through its dedicated connection to the RTP system. “As part of SHAZAM’s pursuit and support of faster payments, we have enabled an initial capability to receive credit transactions,” said Janet LaFrence, SHAZAM’s Faster Payments program manager. “SHAZAM has historically been at the forefront of providing innovative faster payment solutions. Our integration with the RTP system extends and enhances our EFT processing and core solutions with a new set of account-based, real-time payment transactions and related value-added services.”
“At SHAZAM, we’re committed to investing our time and resources now to build the infrastructure which will enable our clients to be ready for the future. Developing a strategic payments vision is something all financial institutions should start planning for now, and SHAZAM can certainly help with that planning,” added LaFrence.
“Settlement matters!” said Todd Koehn, Vice President of Faster Payment Solutions at Bankers’ Bank. “We are excited that Westside Bank selected Bankers’ Bank’s core-agnostic Funding Agent Solution to facilitate settlement of RTP transactions. Westside’s implementation of real-time payments receive, shows that any community bank can utilize instant payments to help customers in our 24x7 digital world.”
The RTP network, developed by The Clearing House, is the first new payments infrastructure built in the U.S. in more than 40 years and is empowering financial institutions 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 60% 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.
“The Clearing House is excited to welcome Westside State Bank to the real-time payments revolution,” said Steve Ledford, Senior Vice President of Product Strategy and Development at The Clearing House. “SHAZAM’s technology and Bankers’ Bank funding agent expertise are very helpful when it comes to bringing community financial institutions of all sizes onto the RTP network.”
About Westside State Bank
Westside State Bank first opened the doors of our Halbur, Iowa location in 1906. Since those early days, we've been dedicated to offering the conveniences and value of a big bank, while still maintaining the integrity and charm of a community bank — where decisions are made locally and interactions are handled by people you know and trust. We are proud to have expanded our operation in order to cater to the people of Western Iowa, Eastern Nebraska and beyond. Learn more at www.wsbankonline.com.
SHAZAM pioneered the PIN-debit point-of-sale transaction, still used worldwide today. We’re the only nationwide independent, member-owned debit network, processor and core provider supporting community banks and credit unions. Since we don’t answer to shareholders, we can reinvest profits in technologies our clients need as they serve the next generation of consumers. SHAZAM ensures our clients have the products and services they demand and expect in a cost-effective way. Founded in 1976 and headquartered in Iowa, we’re a leader in payments and financial technology, with a simple mission: Strengthening community financial institutions. Visit us today at shazam.net.
About Bankers’ Bank
For more than 40 years, Bankers’ Bank has created an elite product suite customized to meet your needs, keeping your bank competitive and thriving in your community; allowing you to focus on what matters most, building meaningful relationships and growing your community. As the leading provider of financial products and services for over 600 community banks, our only focus is on helping you succeed.
As a bank for banks, our partners enjoy a wide array of banking and technology services, backed by experts who will match you with the best solutions to help you stay ahead of your competitors. Whether it’s Payments and Cash Management, Commercial Banking and Leasing, Wealth Management, Bank Cards, Investments or Residential Mortgage Solutions we utilize the latest technologies to bring you solutions that help you meet the demands of your customers.
Bankers’ Bank is your partner, never competing with you for business. Learn about the benefits of partnering with Bankers’ Bank by visiting, BankersBank.com.
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 www.theclearinghouse.org.