The RTP Network enables credit unions to offer immediate payment services for all types of transactions. Falling under the JHA PayCenter umbrella that connects credit unions to Faster Payments, the RTP Network serves account-to-account(A2A), business-to-consumer (B2C), consumer-to-business (C2B), and business-to-business (B2B) members.
RTP®. Powering Smarter Payments.
The term “Faster Payments” has quickly become familiar within the financial services industry. As defined by the Federal Reserve, “Faster Payments allow individuals and businesses to send and receive payments within seconds at any time of the day, on any day of the year, such that the receiver of a payment can use the funds almost instantly. This immediacy differentiates faster payments from traditional retail payment methods, including those that appear to occur within seconds from the sender’s perspective but can take many days before funds become available to the receiver.”
The RTP Network is helping credit unions connect members with faster payments solutions. As a network, RTP can serve as a platform for credit unions to create new, innovative products and services. Credit unions can offer immediate payments, including account-to-account (A2A), business-to-consumer (B2C), consumer-to-business (C2B), and business-to-business (B2B) through the RTP Network. It also allows for the development of new services for payroll, insurance disbursements, and other quick payment cases.
“Real-time payments are becoming the standard for both personal and business payments,” shared Karen Martin, Synergent Product Owner – Payments. “Credit unions must consider providing these services to compete with offerings by both FinTechs and Big Techs. Faster payments, like RTP, will serve as a platform for credit unions to create new and innovative products and services.”
Coming Soon: RTP Receive
RTP Receive enables credit unions to receive all types of immediate payments. 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
- 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.
To learn more about the RTP Network and RTP Receive, please contact us today.