News and resources on payments systems, innovations and initiatives worldwide.

Fifteen credit unions join The Clearing House real-time network

Source: The Clearing House

Today, The Clearing House (TCH) has announced that 15 Jack Henry & Associates customers, including Dallas-based Pegasus Bank, will implement Jack Henry’s JHA PayCenter to connect to the RTP® network, a new payment network that financial institutions can use to clear and settle real-time consumer and business payments.

JHA PayCenter is a proprietary payments hub that will enable banks and credit unions to provide a real-time payment experience, supported through Jack Henry’s core and digital solutions. It will offer a single integration point to the RTP network. Jack Henry & Associates, Inc. is a provider of technology solutions and payment processing services primarily for the financial services industry.

These initial 15 institutions are expected to be the first of many Jack Henry clients that will connect to the RTP network through JHA PayCenter. Pegasus Bank, which has more than $657 million in assets, and the other banks in this first wave will be able to offer their consumer and commercial accountholders, for the first time, the ability to receive real-time payments sent by accountholders at a continually expanding number of federally-insured depository institutions without incurring interbank settlement risk.

“JHA PayCenter gives our institution the clearest, most cost-effective path to making faster payments a reality - now and as additional options emerge,“ said Jenny Murphey, executive vice president and chief operating officer for Pegasus Bank. “Joining the RTP network will allow us to offer our customers more efficient payment services and empower them to receive their money faster with payments that clear and settle in real-time.”

Greg Adelson, vice president of Jack Henry & Associates and general manager of JHA Payment Solutions™, added, “We are strategically focused on providing modern payment solutions that help financial institutions of all sizes and charters deliver secure, convenient payment experiences. We look forward to partnering with Pegasus Bank and many other institutions as they continue to modernize their payment channels and meet the growing demand for real-time payments.”

“These initial institutions represent the first wave of banks and credit unions that will join the RTP network through Jack Henry,” said Russ Waterhouse, Executive Vice President of Product Strategy and Development, for The Clearing House. “We are excited that Pegasus Bank and the other financial institutions will be joining the RTP network to offer customers faster access to their money and all the benefits of real-time payments.”

JHA PayCenter’s open infrastructure will support product development directly by financial institutions and other third-party mobile and online banking vendors that want to leverage the RTP network. RTP technology supports payments innovation and is expected to lead to the development of modern payment services that will ultimately allow users to exchange non-payment messages and benefit from other value-added features.

The RTP network currently reaches more than 50% of U.S. transaction accounts and adoption is growing. RTP technology will enable financial institutions of all sizes to create new payment services and ultimately allow users to exchange non-payment messages and leverage other value-added features.

Comments: (0)