Mobile technology and digital commerce are driving the need for a safer and faster payments system in the U.S. The Clearing House responds with Real-Time Payments (RTP) a new real-time system for all U.S. financial institutions to use as a platform for payments innovation.
Financial institutions will take advantage of RTP's capabilities to create or enhance digital services for their corporate and retail customers.
24 x 7
Financial institutions will use the new "rail" to clear and settle payments in real time. RTP provides immediacy, certainty, and bank-grade security you'd expect to find in a new payments rail and it has capabilities that enable financial institutions to enhance existing services and create new ones.
Faster and Smarter
RTP works in the background, underpinning a financial institution's customer facing systems for services like bill payment, cash management, P2P and emergency disbursements. Messages such as Request for Payment, Payment Confirmation, Request for Additional Information and Remittance Detail can be used in different ways to create truly innovative and frictionless customer-facing solutions.
Access For All Financial Institutions
The Clearing House is working with providers of core processing and payment services, bankers banks, and corporate credit unions to ensure that every financial institution in the U.S. has an easy way to access the RTP network by 2020.
RTP is designed to be consistent with the CFPB's guiding principles for faster payments networks and the 36 criteria set forth by the Federal Reserve Faster Payments Task Force.