Commercial bank BankProv is now among the ranks of the RTP network, per reports on Wednesday (August 18). This will let customers settle payments more easily.
The RTP network is the real-time payments network created by The Clearing House. BankProv, whose work consists of helping business and private clients find solutions, is one of the first adopters.
The RTP network acts as a platform for domestic payments. It offers new data capabilities and instant payment confirmation. Funds put through the system can be accessed immediately. Some of the other benefits of the system include reduced return risk, continuous uptime, instant settlement and traceability.
“The Clearing House is excited that BankProv is bringing real-time payments to its customers,” said James Aramanda, CEO of The Clearing House. “The RTP network is designed to be implemented by all depository institutions, allowing innovative banks such as BankProv to provide new levels of speed and efficiency in transactions that will significantly benefit their customers.”
BankProv has partnered with COCC, its core provider, to connect to the RTP. BankProv CEO Dave Mansfield said the bank’s newer clients, especially those that are cryptocurrency-related, often need to move funds fast in order to deal with valuation risk because of the inherent volatility.
“The RTP network allows us to better support high volume transaction and match their 24/7 business cycle,” Mansfield said. “Beyond the Digital Currency community, the RTP network allows the bank to reduce return risk, enhance reconciliation efforts, and provide immediate settlement of funds.”
In a report from PYMNTS, Melissa Tuozzolo, head of Payments Financial Market Infrastructure and Industry at Citi, talked about the ways payment innovations can help the issues caused by the COVID-19 pandemic. PYMNTS wrote that the need to improve real-time payments came from the rise in digital shopping habits.