PNC, a top-10 US bank by assets, is live on RTP, The Clearing House’s new US real-time payments system, using Finastra’s payment services hub, Fusion Payments.
PNC already uses Fusion Payments (formerly Global PAYplus) for wire payment processing and has expanded its service to include real-time payments to meet market demand for faster payment solutions. Integrating RTP enables the bank to provide its clients with the speed, certainty and irrevocability of real-time payments, which are now available in the United States.
“RTP enables PNC to bring a new, leading-edge solution to market as the economy becomes increasingly digital,” said Christopher Ward, EVP and Head of Treasury Management Product Management at PNC. “The ability to make an immediate payment at any time, on any day of the week, with a real-time confirmation of the payment significantly transforms the way businesses and consumers make payments in the United States. Emerging technologies such as RTP are creating opportunities for banks and clients to re-imagine our business models. At PNC, we are investing in the latest technologies and infrastructure to bring modern digital experiences and fresh product solutions that are aligned with our clients’ business priorities.”
“Solution providers such as Finastra are playing an important role in enabling early adopters like PNC to provide new products and services, including real-time payments connectivity, to their customers," said Steve Ledford, SVP of Product and Strategy at The Clearing House.
“PNC has positioned itself at the forefront of US real-time payments as an early adopter, enabling its clients to enjoy the benefits of real-time payments immediately with the launch of RTP,” said Simon Paris, Deputy Chief Executive Officer, Finastra. “We’re helping banks like PNC make real-time payments a reality, so that they and their clients can more effortlessly embrace the digital future.”
“In the United States, real-time payments are being driven by market forces and user demand for real-time services,” said Erika Baumann, Senior Wholesale Banking Analyst, Aite Group. “Early adopters like PNC are leading the way in bringing the benefits of real-time payments to their business and consumer customers. Payment vendors such as Finastra have considerable experience in implementing real-time payments solutions and can be great resources for banks that seek to become early adopters of real-time payments capabilities.”