FIS brings RTP to US financial institutions in partnership with The Clearing House

By Megha Bhattacharya

FIS recently announced a collaboration with The Clearing House with an aim to bring real-time payment processing and settlement to small-to-mid-sized banks and credit unions along with their customers. FIS offers a turnkey service for financial institutions for connecting to the RTP network, the real-time payment system in the US provided by The Clearing House. This system enables instant settlement of payments and availability of funds for participating banks and their customers.

“As a long-time partner with The Clearing House, we are excited to see the RTP network continue to grow and to be working with banks across the United States to take advantage of the speed, power and scalability of real-time payments,” said Royal Cole, EVP, Head of Financial Institutions Payment Solutions, at FIS. “We’ve designed our new managed service to ease the process of connecting to this emerging platform for small-to-mid-sized banks and credit unions that lack the resources of their larger competitors.”

According to FIS, the new managed service will be offered to the targeted clientele using its core banking systems. The service connects financial institutions to the RTP network from The Clearing House, enabling them to initiate and receive real-time payment transactions. Financial institutions will be allowed to leverage the network without making significant upfront capital investments.

“We are excited to be working with FIS to bring the benefits of real-time payments to their financial institution customers,” said Steve Ledford, Senior Vice President of Product Development and Strategy at The Clearing House. “We are also delighted to welcome First Bank and Nano Bank to the real-time payments revolution on the RTP network, which is built to provide real-time payments capabilities to financial institutions of all sizes.”

FIS stated that MO-based First Bank and CA-based Nano Banc are amongst the first core banking clients to initiate real-time payments through the new managed service.