RTP is an entirely new payments and messaging system that allows participants to send and receive funds immediately at any time — 24 hours a day, 7 days a week, 365 days a year. Along with instant delivery and availability of funds to the receiver, the sender is notified of funds delivery. RTP represents the latest phase in the evolution of digital payments.
Avoid Supply Chain Disruption
Billing and Collection Activities
Deliver Immediate Payment When Required
Put Exception and Dispute Resolution on the Fast Track
Learn how PNC partnered with Paychex Inc. to remedy its problem of correcting payroll mistakes that prevented the disbursement of payments. remedy the ongoing problem of correcting payroll mistakes that prevent the disbursement of payment and to meet payroll obligations when immediate distribution is required.
As the payments landscape continues to evolve, immediate payments are growing in popularity among businesses of all sizes and sectors. Since debuting in the marketplace in 2017, immediate payments have kept pace with the overall growing demand among consumers and businesses for instant payment solutions.
The Clearing House is a banking association and payments company, owned by 25 U.S. banks, including PNC. It launched RTP in November 2017.
Currently, credit transactions up to $1,000,000 per item are eligible.
No, users of the RTP system can initiate payments from their existing accounts.
While speed is a key benefit, real-time payment confirmation and messaging capabilities also provide the ability to include more information with the transaction, such as remittance data and references to external data. RTP also facilitates enhanced messaging between participants, with Request for Information (RFI), payment, and Request for Payment (RFP) messaging.
When you send a payment, the availability of funds in the recipient’s account will depend on the funds availability policy of the recipient’s financial institution. Limitations to availability may apply, including “cut-off times” by which items need to be deposited to be included for processing on that business day.
PINACLE is a registered mark of The PNC Financial Services Group, Inc. (“PNC”).
RTP is a registered mark of The Clearing House Payments Company LLC.
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