“Many communities served by MDIs need access to flexible, faster payments which can help prevent missed payments, avoid late fees and penalties, protect credit scores, and improve cash flow and financial health,” said
“Demand for faster payments has never been higher, and all Americans deserve to enjoy the benefits that can help solve many customer cash-flow concerns,” said
Real-time payments processed on the RTP network provide consumers and small businesses with the ability to receive payments 24 hours a day, seven days a week, with immediate confirmation of payment receipt. These capabilities help to put the customer in control of their payments and could dramatically reduce reliance on the use of check cashing services, or dependence on slower payment methods that may lead to late fees and penalties. Small businesses served by MDIs with JHA PayCenter and the RTP network will have the ability to receive payments immediately, which will allow them to pay workers or purchase inventory or supplies on the same day. Currently, Jack Henry has more than 115 financial institutions live on its faster payments hub, JHA PayCenter.
The RTP network, developed by The Clearing House, is empowering financial institutions of all sizes and businesses to implement innovative, value-added use cases for faster payments. The RTP network gives the banking industry a modern platform for 24/7 domestic real-time payments, complete with rich data capabilities and immediate payment confirmation. The network enables instantaneous settlement and availability, so funds can be used or withdrawn as cash within seconds.
The RTP network’s real-time payment capabilities reach approximately 60% of
About The Clearing House
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SOURCE The Clearing House