Chesapeake Bank, a community bank serving central and eastern Virginia, has joined the RTP network developed by The Clearing House.
With the RTP network, Chesapeake Bank customers can now receive payments directly into their accounts with real-time receipt confirmation and instant availability, while also providing for advanced messaging capabilities.
“We are excited to offer our customers the ability to receive payments much faster and continue to support new digital innovations,” said Rick Roberts, Director of Operations at Chesapeake Bank. “The RTP network provides improved speed, reliability, and security to consumer and business payments.”
“Our customers need financial technology tools that align with their personal and business needs. Supporting real-time payments through the RTP network is an important step for us, allowing us to deliver new functionality to our customers, and improve their banking experience,” said DJ Seeterlin, Chief Information Officer at Chesapeake Bank. “We are proud to be an early adopter of the RTP network, which demonstrates our commitment to be at the forefront of technology and payments and allows Chesapeake Bank to continue the meet our customers’ needs now and in the future.”
The RTP network, provided by The Clearing House, is the first new core payments infrastructure built in the U.S. in more than 40 years and gives the banking industry a modern platform for domestic payments, complete with rich data capabilities and immediate payment confirmation. The system enables instant settlement and availability, so those funds can be used or withdrawn as cash within seconds. By implementing the RTP network, Chesapeake Bank joins a growing number of financial institutions offering advanced new capabilities to their customers. The RTP network currently reaches 53% of U.S. demand deposit accounts, offers a flat pricing structure for all depository institutions regardless of size, and does not include volume discounts or have minimum volume requirements.
“The Clearing House welcomes Chesapeake Bank to the RTP network as they bring real-time payments to their customers,” said Steve Ledford, Product Executive for the RTP network at The Clearing House. “The RTP network is designed for depository institutions of all sizes and having another great financial institution like Chesapeake Bank join the RTP network is exciting as the network’s reach continues to grow.”