Financial services company FIS announced this week it has partnered with The Clearing House (TCH) in an effort to bring real-time payment processing and settlement to small-to-mid-sized banks and credit unions.
FIS will help its core banking system clients quickly and cheaply connect to TCH’s RTP network, a payments infrastructure that enables instant payments settlement and immediate availability of funds for banks participating in the network.
“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 FIS EVP, Head of Financial Institutions Payment Solutions Royal Cole. “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.”
Among FIS bank clients already participating in TCH’s RTP network are St. Louis, Missouri-based First Bank; and Nano Banc, a relationship-based bank headquartered in Irvine, California.
FIS was founded in 1968 and made major news headlines last year when it acquired Worldpay for $34 billion.
The Clearing House launched its RTP scheme in 2017. Today the RTP network’s real-time payment capabilities are accessible to banks that hold 70% of U.S. demand deposit accounts (DDAs). The network currently reaches over half of all U.S. DDAs.
Go to Publisher: Finovate
Author: Julie Muhn (@julieschicktanz)