It’s hard to believe that the RTP® Network just celebrated its 5-year anniversary! This real-time payments system, operated by The Clearing House and administered to Synergent customers through the JHA PayCenter umbrella, has grown rapidly and processed 49 million transactions totaling $22.7 billion in Q4 of 2022!
We are pleased to announce that RTP Receive is now generally available to Synergent credit unions. This technology enables credit unions to offer immediate payment services for a wide variety of transactions.
“We want to be sure that Synergent credit unions are able to provide the latest payment products to their members,” said Karen Martin, Product Owner – Payments for Synergent. “RTP Receive is one of those products. Being able to participate within Faster Payments provides credit unions with a competitive edge in a crowded and always evolving space.”
How RTP Receive Works
RTP Receive enables credit unions to receive all types of immediate payments, including for account-to-account (A2A), business-to-consumer (B2C), consumer-to-business (C2B), and business-to-business (B2B) through the RTP Network. Members can benefit by having payments sent from other institutions and use cases are virtually unlimited, including:
- A variety of payroll types, including gig and rideshare driver, payroll, emergency payroll, “work today get paid today” earned wage access, termination pay, and insurance claim disbursements
- Payroll disbursements, paying fines, taxes, insurance disbursements, and P2P payments
- Wallet transfers from PayPal, Venmo, and Square
- Account-to-account transfers
Once the service is turned on, members will instantly be able to take advantage of the benefits associated with the RTP Network. They will begin to receive their money faster than they did prior through traditional payment methods.
Key Benefits
Members gain a variety of benefits from RTP Receive, including:
- Member Convenience: Members can make and receive real-time payments 24/7/365.
- Real-Time Payment Capabilities: Credit unions will remain competitive while meeting member demand for real-time payment services.
- Seamless Integration: Connections to current and future real-time payment networks and digital toolkits support integration with third-party core and digital solutions.
- Data-Driven Reporting: Online transaction dashboards and reporting.
- Safe and Secure: Multilayered security
Reserve Your Spot
To get in the active queue to implement RTP Receive at your credit union, please contact your Account Relationship Manager or email ARM@synergentcorp.com.
