Steve Ledford, Senior Vice President and RTP Product Executive at TCH

United-States-based PayFi, a real-time payment processor announced they will be bringing real-time payments capabilities to community banks on PayFi’s Branch99 Real-Time Platform developed by The Clearing House (TCH), a banking association and payments company.

PayFi recently announced that Avidia Bank became the first community bank to join the RTP network through the company’s Branch99 Real-Time Platform and towards its commitment at helping the community and regional banks grow. RTP network is the first of its kind new core payment infrastructure built in the U.S. that delivers 24/7 clearing and interbank settlement, including the real-time movement of money and enriched data between participating financial institutions.

The RTP network offers a suite of available use cases and an extensive level of data accompanying each RTP transaction. The RTP network currently reaches more than 50% of U.S. accounts for real-time payment receipt and is on track to reach near ubiquity in 2020.

“The Clearing House is excited to partner with PayFi and to work with them to bring real-time payments to their clients,” said Steve Ledford, Senior Vice President and RTP Product Executive at TCH. “We are committed to providing real-time payments capabilities on the RTP network to all U.S. depository institutions. PayFi’s community and regional bank clients will be able to provide new levels of speed and efficiency in transactions on the RTP network that will ultimately benefit their customers.”

Established in 2016, PayFi enables merchant service providers, processors, banks, and fintechs to cost-effectively move money between bank accounts in real-time, with flexibility, precision & 24x7x365 availability.

by Megha Bhattacharya
Market Analyst at IBS Intelligence