FirstBank, one of the nation’s largest privately held banks, announced that it is joining the real-time payments revolution, committing to bring faster payments capabilities to its customers through the RTP® network developed by The Clearing House (TCH).
FirstBank will leverage the RTP network to deliver to its customers the most modern payments infrastructure in the world, enabling consumers and businesses to send, clear, and settle payments immediately.
“At FirstBank, we pride ourselves on providing our customers with the most technologically advanced services, and joining the RTP network allows us to continue that promise,” said Jim Reuter, CEO of FirstBank. “Given the combination of speed and improved transparency, the RTP network allows customers to know exactly when their funds are posted, or when a transaction is completed. It’s encouraging to see the banking industry working together to modernize our payment system, and meeting customer expectations.”
By implementing the RTP network, FirstBank joins a growing number of financial institutions offering advanced new capabilities to their customers and partners. The RTP network currently reaches more than 50 percent of U.S. demand deposit accounts, is on track to achieve ubiquity in 2020, and is designed to be implemented by depository institutions of all sizes.
“We are excited that FirstBank is joining the RTP network and The Clearing House is ready to work with them to bring real-time payments to their customers,” said Jim Aramanda, CEO of The Clearing House. “The RTP network allows innovative banks such as FirstBank to provide new levels of speed and efficiency in payments transactions that will significantly benefit their customers.”
The RTP network delivers 24/7/365 clearing and interbank settlement, including the real-time movement of money between participating financial institutions. It is the first new core payments infrastructure built in the United States in over 40 years and is delivering a wave of payments innovation to benefit customers nationwide. The RTP network offers a flat pricing structure for all depository institutions regardless of size, and does not include volume discounts or have minimum volume requirements.