BankProv, an innovative, commercial bank that finds solutions for business and private clients, has become a receiving bank on the RTP® network, the real-time payments system developed by The Clearing House (TCH) that enables consumers and businesses to send, clear, and settle payments immediately while also providing for advanced messaging capabilities.
“We’re proud to be an early adopter of the first new domestic payment rail since ACH was established nearly 50 years ago,” said Dave Mansfield, CEO of BankProv.
The RTP network gives the banking industry a modern platform for domestic payments, complete with rich data capabilities and immediate payment confirmation. The system enables instantaneous settlement and availability, so those funds can be used or withdrawn as cash within seconds.
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“The Clearing House is excited that BankProv is bringing real-time payments to its customers,” said Jim 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 partnered with its core provider, COCC, to connect to the RTP network so customers can receive payments instantly. Beyond the inherent benefits of joining the network, such as the reduced return risk, continuous uptime, immediate settlement, and traceability, BankProv and other early adopters will help bolster the adoption of the RTP network throughout the United States.
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“Our new breed of clients, particularly crypto-related businesses, have a need to move funds quickly to manage valuation risk due to market volatility,” said Mansfield. “The RTP network allows us to better support high volume transaction and match their 24/7 business cycle. Beyond the Digital Currency community, the RTP network allows the bank to reduce return risk, enhance reconciliation efforts, and provide immediate settlement of funds.”
By implementing the RTP network, BankProv joins a growing number of financial institutions offering advanced new capabilities to their customers. The RTP network currently reaches 60% of U.S. demand deposit accounts and all federally insured depository institutions, regardless of size, can join the network. BankProv plans to implement “send” functionality by the end of 2021 to allow customers to initiate payments from their existing accounts.
