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Avoid Supply Chain Disruption
Billing and Collection Activities
Deliver Immediate Payment When Required
Put Exception and Dispute Resolution on the Fast Track
The convergence of mobile technology and digital commerce is leading to real-time payment innovation around the world. While the United States market has seen a recent increase in the development of innovative payment products, RTP® represents a new phase in the evolution of digital payments, marking the creation of the first new payment system in more than 40 years.
Real-time payments represent a new phase in the evolution of digital payments. In the U.S., PNC Bank, along with other members of The Clearing House, is leading the way with the development of a Real Time Payments network -- the first new U.S. payments system in over 40 years. It’s a totally new payment type.
How can faster payments support your objectives of meeting payment deadlines, improving customer satisfaction, reducing costs, and streamlining your internal processes? The first step is to understand emerging payment types and how they may answer your business needs.
With encouragement from the Federal Reserve, the industry is responding to the demand for faster payments. Three leading organizations are already rolling out new payment options.
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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 $25,000 per item are eligible.
No, the RTP system supports consumer, business, and government transactions, although the initial rollout is focused on B2B payments.
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.
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