Why Your Business Account Needs a Real-Time Payment Network

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BankProv is excited to announce we have become a receiving bank on the RTP® network, a new real-time payment system for clearing and settling transactions between accounts at financial institutions.

What Are Real-Time Payments?

You may hear it by a few different names such as, “instant payments” or even “fast/faster payments,” but real-time payments technology has gained a solid foothold in the US payment processing world in the last few years, thanks to The Clearing House.

The RTP network is a modern platform for domestic payments that all federally insured depository institutions can use to clear and settle payments in real time. With real-time payments, there’s no waiting period between when money leaves a client’s account and becomes available in the receiver’s account. Payments can be made 24/7/365—including weekends and holidays—and the funds are available immediately.

“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.

How does it work?

We’re partnering with our core provider, COCC, to connect to the RTP network so customers can receive payments instantly. 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.

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 and transact across the globe.

“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 transactions and match their 24/7 business cycle. Beyond the Digital Currency community, RTP allows the bank to reduce return risk, enhance reconciliation efforts and provide immediate settlement of funds.”

How can RTPs help me run my business?

The RTP network is the first new core payment structure in decades. Its modern platform allows instantaneous settlement and availability, so the funds can be used or withdrawn as cash within seconds.

Online transactions such as Automated Clearing House (ACH) payments can process same-day and next-day, but payments are cleared in batches, which means that funds are not available until the settlement process is complete and the payments clear. For domestic wire transfers, most banks can settle them same day, as long the payment is received by 6:30pm ET.

But it’s not just the speed. With receipt of real-time payments, businesses will experience improved straight-through processing, automated reconciliation, fraud and risk reduction, rich data reporting and analytics capabilities, partnership integration, and reduced operational costs.

By banking with BankProv, you can use our new Real-Time Payment network to boost and streamline your business operation.

We're working to implement “send” functionality by the end of 2021 which will allow customers to initiate payments from their existing accounts. Stay tuned for more details.

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