Bridge Community Bank, a community bank headquartered in Mount Vernon, IA, is bringing real-time payments capabilities to its customers and is now live on the RTP® network developed by The Clearing House (TCH). With the RTP network, Bridge Community Bank is enabling its customers to receive payments immediately while also providing for advanced messaging capabilities.
“Understanding the needs of our customers is critical to the services we offer. Recognizing the value in faster access to funds is clearly a primary focus,” said Bob Steen, CEO, Bridge Community Bank. “Working with TCH gives us the opportunity to achieve these goals.”
Bridge Community Bank is connected to the RTP network through JHA PayCenter™ from Jack Henry & Associates, Inc.®, a leading provider of technology solutions and payment processing services primarily for the financial services industry. JHA PayCenter is a payments hub that offers a single integration point to the RTP network and enables Bridge Community Bank to provide a real-time payment experience to its customers.
The RTP network, developed by The Clearing House, is the first new payments infrastructure built in the U.S. in more than 40 years and is empowering financial institutions and businesses to implement innovative, value-added use cases for faster payments. The RTP network gives the banking industry a modern platform for 24/7 domestic real-time payments, complete with rich data capabilities and immediate payment confirmation. The network enables instantaneous settlement and availability, so funds can be used or withdrawn as cash within seconds. By implementing the RTP network, Bridge Community Bank joins a growing number of financial institutions offering advanced new capabilities to their customers
The RTP network’s real-time payment capabilities reach 57% of U.S. demand deposit accounts, with more financial institutions joining the network each week. Moreover, FIs that hold 70% of U.S. DDAs have technical access to the RTP network, often through core banking technology providers. The RTP network offers a flat pricing structure for all depository institutions regardless of size, does not include volume discounts or have minimum volume requirements, and, unlike ACH, does not charge an operator fee to receive payments.
“The Clearing House is excited to work with Jack Henry and Bridge Community Bank to bring real-time payments to its customers,” said Steve Ledford, senior vice president of product strategy and development, at The Clearing House. “With access to the RTP network Bridge Community Bank is providing new levels of speed and efficiency in payments that will significantly benefit their customers.”