PayrailzTM, an artificial intelligence (AI), digital payments company offering smarter, more engaging payment experiences to banks and credit unions, has committed to bringing faster payments capabilities to its bank and credit union clients through the RTP® network developed by The Clearing House (TCH). With the RTP network and as a third party service provider (TPSP), Payrailz will be able to deliver to its bank and credit union clients the most modern payments infrastructure in the world, enabling financial institution’s consumers and businesses to send, clear, and settle payments immediately while also providing for advanced messaging capabilities.
“Our bank and credit union clients need financial technology tools that align with their personal and business needs. Providing real-time payments is an important step for us, allowing us to deliver important new functionality to our bank and credit union clients and their customers or members, thereby improving their banking experience,” said Payrailz CEO, Fran Duggan. “Working with TCH gives us the confidence that we will be able to achieve these goals, while at the same time providing our clients with banking capabilities that they have come to expect in a cost effective manner. At Payrailz our vision is to provide smarter, more engaging and faster payment experiences and we are very excited to enable the RTP network to help us further deliver on this promise.”
The RTP network is the first new core payments infrastructure built in the United States in over 40 years and is delivering a wave of payments innovation to benefit customers nationwide. The RTP network enables the real-time gross settlement of payment obligations between financial institutions. For consumers and businesses, the RTP network provides the ability to conveniently send payments and enriched data directly from their accounts at federally insured depository institutions 24/7, and to receive and access funds sent to them over the network immediately.
By implementing the RTP network, Payrailz client financial institutions can join a growing number of financial institutions offering advanced new capabilities to their customers or members. The RTP network currently reaches more than 50% of U.S. accounts and is on track to reach ubiquity by 2020. The RTP network offers a flat pricing structure for all depository institutions regardless of size and does not include volume discounts or have minimum volume requirements.
“Payrailz’ community bank and credit union clients will be able to make and receive real-time payment transactions on the RTP network that will benefit their customers,” said Steve Ledford, Senior Vice President and RTP Product Executive at TCH. “We are committed to providing access to real-time payments capabilities on the RTP network to all U.S. depository institutions, and we are excited to work with Payrailz to bring real-time payments to their clients.”