Payrailz™,
an artificial intelligence (AI), digital payments company offering
smarter, more engaging payment experiences to banks and credit unions,
has committed to bringing faster payments capabilities to its bank and
credit union clients through the RTP® network developed by The Clearing
House (TCH). With the RTP network, and as a third party service provider
(TPSP), Payrailz will be able to deliver to its bank and credit union
clients the most modern payments infrastructure in the world, enabling
financial institutions’ consumers and businesses to send, clear, and
settle payments immediately while also providing for advanced messaging
capabilities.
“Our bank and credit union clients need financial technology tools that
align with their personal and business needs. Providing real-time
payments is an important step for us, allowing us to deliver important
new functionality to our bank and credit union clients and their
customers or members, thereby improving their banking experience,” said
Payrailz CEO Fran Duggan. “Working with TCH gives us the confidence that
we will be able to achieve these goals, while at the same time providing
our clients with banking capabilities that they have come to expect in a
cost-effective manner. At Payrailz, our vision is to provide smarter,
more engaging and faster payment experiences and we are very excited to
enable the RTP network to help us further deliver on this promise.”
The RTP network is the first new core payments infrastructure built in
the United States in over 40 years and is delivering a wave of payments
innovation to benefit customers nationwide. The RTP network enables the
real-time gross settlement of payment obligations between financial
institutions. For consumers and businesses, the RTP network provides the
ability to conveniently send payments and enriched data directly from
their accounts at federally insured depository institutions 24/7, and to
receive and access funds sent to them over the network immediately.
By implementing the RTP network, Payrailz client financial institutions
can join a growing number of financial institutions offering advanced
new capabilities to their customers or members. The RTP network
currently reaches more than 50% of U.S. accounts and is on track to
reach ubiquity by 2020. The RTP network offers a flat pricing structure
for all depository institutions regardless of size and does not include
volume discounts or have minimum volume requirements.
“Payrailz’ community bank and credit union clients will be able to make
and receive real-time payment transactions on the RTP network that will
benefit their customers,” said Steve Ledford, Senior Vice President and
RTP Product Executive at TCH. “We are committed to providing access to
real-time payments capabilities on the RTP network to all U.S.
depository institutions, and we are excited to work with Payrailz to
bring real-time payments to their clients.”
About The Clearing House
Since its founding in 1853, The
Clearing House has delivered safe and reliable payments systems,
facilitated bank-led payments innovation, and provided thought
leadership on strategic payments issues. The Clearing House continues to
leverage its unique capabilities to support bank-led innovation,
including launching the RTP® network, a real-time payment
system that modernizes core payments capabilities for all federally
insured U.S. depository institutions. The Clearing House is the only
private sector ACH and wire operator in the United States, clearing and
settling nearly $2 trillion in U.S. dollar payments each day,
representing half of all commercial ACH and wire volume. As the
country’s oldest banking trade association, The Clearing House also
provides informed advocacy and thought leadership on critical
payments-related issues facing financial institutions today. The
Clearing House is owned by 24 financial institutions and supports
hundreds of banks and credit unions through its core systems and related
services. Learn more at www.theclearinghouse.org.
About Payrailz™
Payrailz is a digital payments company
offering advanced bill payment and money transfer solutions to banks and
credit unions. In a society that increasingly has become focused on a
“do it for me” culture, Payrailz’ smart technology makes the difference.
Payrailz creates smarter payment experiences for the financial services
industry that are predictive and more engaging than currently available
alternatives. Financial institutions can confidently embrace Payrailz’
cloud-based technology engine, including AI, dynamic workflow, open data
exchange, and a robust SDK to offer unique payment solutions to their
customers. Payrailz helps financial institutions meet the payment
expectations of today and the payment innovation needs of tomorrow. For
more information, visit www.payrailz.com,
follow them on Twitter @Payrailz, Facebook or LinkedIn,
or contact Mickey Goldwasser at 860.430.9245.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190618005091/en/