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Live from The Clearing House, It’s Real-Time Payments!

By: Brian Laverdure, AAP, Director, Emerging Payments Education

On Monday, November 13, the first live transaction for the newest payment system in America occurred when two banks completed a $3.50 transaction over The Clearing House’s Real-Time Payments system. Moving such a low-value transaction may seem a small beginning, but as the saying goes, a thousand-mile journey begins with one step. The journey towards ubiquitous faster payments will be a long trek, but the launch of the Real-Time Payments system, or RTP, will enable financial institutions of all sizes to deliver new products and services suited to the demands of a vibrant 21st century economy.

Since The Clearing House has taken its first step towards a reality of faster payments, now is the time to consider when and how your institution will take its first steps to begin your faster payments journey. Many EPCOR members took advantage of all the faster payments-related education we offered in 2017 and that puts them ahead of the curve. If you haven’t done so already, now is the time to start the process of adding faster payments to your payments strategy!

How can a community bank or credit union start the process? Here are a few simple steps to help your financial institution get off to a good start:

  • Talk to your core provider now to learn about the faster payments options that they will offer.
  • Determine which faster payments use cases are of value to your institution and account holders.
  • Assess the options available to your institution and a develop a payments strategy that suits your needs and objectives.
  • Develop an implementation plan to bring your faster payments solutions to market.