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 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.
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: Multi-layered security
Reserve Your Spot
Contact us today to learn more about how to implement RTP® Receive at your credit union!