RTP®

The First New Payments System in the U.S. in 40 Years

A Fast and Intelligent Way to Send and Receive Real-Time Payments

Have Questions?

Get Answers


Video

Brief overview of RTP


What is RTP?

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.

RTP Benefits


Fast

  • Send and receive payments 24/7/365
  • Immediate availability of funds
  • Irrevocable payments

 


Transparent

  • Enhanced data transfer and messaging capabilities
  • End-to-end immediate payment confirmation
  • Alerts notify recipients of available invoices


Secure

  • Secure system for payments and messages
  • Real-time fraud screening of all outbound transactions
  • Analyzed in the network for potential fraud

 


Integrated

  • Exchanges information with messaging
  • Works directly with payables and receivables systems
  • Funds travel together with remittance detail

RTP: More Than Just Speed

RTP’s robust messaging capabilities allow for two-way dialogue between sender and receiver. This system clarifies payment details and facilitates dialogue between parties. It provides an audit trail of all correspondence while reducing costly check and cash transactions.


RTP Facilitates 6 Message Types


Request for Payment (RFP)

  • Requests payment from an individual or organization
  • Customer can choose to send a Credit Transfer or decline the RFP

Request for Information (RFI)

  • Requests additional information from the sender to facilitate reconciliation
  • Messages are linked so conversation history is retained

Payment Acknowledgement

  • Provides confirmation to the sender that the payment was accepted
  • Includes optional message to communicate account status

Credit Transfer

  • Transfers funds to a receiver
  • Provides 140 characters of remittance detail
  • Currently limited to $25,000

Message Confirmation

  • Automatic confirmation to sender and receiver that the message was processed successfully

Remittance Advice

  • Sends complex data with a payment for additional remittance detail
  • Linked to a credit transfer or RFP for reconciliation

How Does RTP Work?
 

PROCESS FLOW
 

  1. When you know you owe your supplier money, you can initiate an RTP payment via direct transmission, API or PINACLE®, PNC’s top-rated corporate online and mobile banking portal.
  2. Your supplier can receive the RTP funds, along with any associated remittance advice, through their bank and will be notified via their information reporting system. The supplier can receive the funds in real time.
  3. Both you and your supplier can receive a Payment Acknowledgement message from your respective banks through your preferred channels. This message is delivered within seconds to confirm that the funds have been transferred and are available to the supplier.
  4. The supplier can integrate payments directly into their account reconciliation system, updating your account status and providing uninterrupted service.

How can RTP help you transform your business?

Avoid Supply Chain Disruption

  • Expedite payment to a supplier for just-in-time delivery.
  • Extend your investment cycle by paying last minute or when the situation requires.
  • Transmit extended supply chain data with payment.

Billing and Collection Activities

  • Help collect amounts that are due or owed.
  • Improve collection performance.
  • Operate on an intraday basis to keep up with the speed of commerce.
  • Increase control over liquidity and working capital.

Deliver Immediate Payment When Required

  • Meet unexpected, emergency payroll needs.
  • Offer on-the-spot payments, reimbursements, bonuses, commission payments or termination payouts.

Put Exception and Dispute Resolution on the Fast Track

  • Reduce unapplied cash balances.
  • Reduce customer call volumes to achieve cost savings and scalability.
  • Operate on an intraday basis to keep up with the speed of commerce.

RTP Resources

Real-Time Payments: What You Need to Know

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.

Read Article

Real-Time Payments: More than Speed

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.

View Video

Faster Payments: When & Where to Use Them

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.

Read Article
 

The Future of Payment is Faster

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.

View Video

 

All fields required.

 
 
 
 
 
 
 

 

 

 

RTP - Frequently Asked Questions

Ready to Help

For more information about the benefits of RTP, contact your Treasury Management Officer.

 

 

Important Legal Disclosures and Information

RTP is a registered mark of The Clearing House Payments Company LLC.