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On The Web

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TD Bank, U.S. Bank Putting Car Payments in the Fast Lane

April 11 2022

“Banks are pushing for greater adoption of real-time payments by focusing on specific activities that are in and of themselves time consuming, such as selling a car…Automotive transactions are emerging as an early use case for the Clearing House’s RTP rail. TD Bank has introduced a similar product and JPMorgan Chase has also mentioned auto-related […]
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Systems

Do Advanced In Real-Time Payments Make Crypto Less Interesting?

March 23 2022

“Real-time payment systems which are appearing in major economies around the world, undercut a claim for crypto as a fast, low-cost payments innovation. Instead, it is slow, has limited capacity, and is unregulated, which means users are not protected.   “Electronic payments have been increasing for a while,” said Elena Whisler, senior vice president at […]
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Systems

Citizens Pushes Real-Time Billing as a Fix for Supply Chains

February 25 2022

“While instant invoicing and real-time payments have gained some traction as a way for large billers such as utilities to help consumers manage balances, Citizens is betting corporate clients can also benefit from the same liquidity to offset the uncertainty in supply chains… The unit of Citizens Financial plans to go live with request-for-pay (RfP) […]

On The Wires

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TCH to Raise RTP® Network Transaction Limit to $1 Million

April 6 2022

“On April 18, The Clearing House (TCH) will increase the general transaction value limit to $1 million on the RTP® network. TCH, the operator of the RTP network, is increasing the value limit for payments on the network as the transaction volume and number of users on the RTP network continues to grow. Increasingly, corporate users are […]
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Systems

TD Auto Finance Rolls Out Real-Time Payments for Dealers

April 1 2022

“TD Bank, America’s Most Convenient Bank® , today announced that TD Auto Finance has launched real-time payments for its network of dealers, becoming the first indirect auto lender to roll out the ability to send real-time payments nationwide. With real-time payments, TD Auto Finance can fund dealers as contracts are booked throughout the day, rather than […]
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Systems

KPMG and Volante Technologies Launch Strategic Alliance for Real-Time Payments and ISO 20022 Modernization

March 29 2022

“Volante Technologies , the global leader in cloud payments and financial messaging, and KPMG are joining forces to offer financial institutions comprehensive ISO 20022 and real-time payments (RTP) readiness diagnostics. The strategic alliance will offer banks a winning combination of cloud-native payment solutions and related advisory, enabling banks to modernize their payments processes and operations […]
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Systems

U.S. Bank, Driveway Deliver Payments Instantly to Online Car Sellers

March 24 2022

“U.S. Bank and Driveway have collaborated to pay car sellers immediately with real-time payments, making Driveway the first online car dealership to pay customers over the RTP® network. Customers selling a car on Driveway.com can now have the payment deposited instantly into their bank account after a sale is complete and before the vehicle even leaves their […]
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Systems

Volante Technologies Launches First Unified Service for FedNow℠ and TCH RTP®

March 2 2022

“Volante Technologies , the global leader in cloud payments and financial messaging, today announced that it is offering U.S. banks and financial institutions a single unified solution for the FedNow℠ Service and TCH RTP® real-time payments . Adopters of the industry-first service will be able to start their real-time payment journeys with TCH RTP® immediately, […]
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Systems

Real-Time Payments Capability Is Deciding Factor When Businesses Choose a Bank

January 31 2022

“Eighty-five percent of business leaders say the most important factor when choosing a banking partner is whether the financial institution offers real-time payments (RTP) capabilities, according to Citizens’ annual payments and treasury survey. In the nationwide survey of 260 corporate decision-makers, the ability to offer RTP, the new standard in U.S. billing and payment processing, […]