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MUFG Union Bank launches corporate real time payments

MUFG Union Bank, N.A. announced the introduction of real-time payments for its corporate, retail and commercial clients via the RTP network, operated by The Clearing House. The RTP network provides instantaneous receipt of payments which will enhance payment certainty and funds availability, with funds immediately available for use.

” Real-time payments offer our clients the payment processing speed to meet their business needs in a rapidly changing digital commerce environment. MUFG Union Bank is committed to supporting our clients’ movement toward real-time payments in the United States to enhance their experience,” said Ranjana Clark, Head of Global Transaction Banking and Transaction Banking Americas, and Bay Area President.

RTP network is a new core payments infrastructure built in the U.S. which assists banks by providing them with a platform for domestic payments with proficient data capabilities and immediate payment confirmation.

“In addition to accelerating the speed and certainty of the transaction, real-time payments provide a standardized message format delivering extensive information throughout the full payment lifecycle. It is a completely new way of thinking about payments. We are committed to providing innovative product solutions, utilizing the latest technology, so that CFOs and treasury managers can optimize their business processes to achieve their objectives,” said Managing Director Ray Fattell, Head of Product, Innovation, and Risk Management, Transaction Banking Americas.

MUFG Union Bank has 350 branches which primarily consists of retail banking branches in the West Coast states in addition to commercial branches in Texas, Illinois, New York, and Georgia.

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