Early Warning Services, LLC (EWS), a FinTech owned by seven of the nation’s largest banks, and The Clearing House (TCH) announced that Zelle® transactions can now be cleared and settled through the RTP® network, according to a press release emailed to PYMNTS.
PNC Bank and Bank of America are the first to transmit Zelle payments through the RTP network, offering a digital payment experience to individuals and companies that harnesses the global ISO 20022 message standard.
“Bank of America and PNC Bank are trailblazing a path to integrated real-time payments capabilities that will benefit individual account holders and corporate customers,” Steve Ledford, senior vice president of products and strategy at The Clearing House, said in the announcement. “The integration of Zelle payments over the RTP network means that financial institutions will soon realize the benefits of future technology synergies between the Zelle and RTP networks.”
Financial institutions (FIs) can allow for immediate settlement and easier back-office processing by transmitting payments through the RTP network, according to the announcement.
“Demand for faster payments has never been higher, and today’s integration milestone eliminates lengthy and costly legacy processes that have long been barriers to many real-time payments use cases for Zelle,” Lou Anne Alexander, chief product officer at Early Warning Services, LLC, said in the announcement. “Our combined foundation will provide all financial institutions and their clients with a fast, safe and easy solution for new and emerging business use cases, including bill pay.”
The news comes as Zelle said in November that it had surpassed the billion-payments mark in the 12 months ending September 2020. In the third quarter alone, Zelle processed 323 million transactions worth $84 billion.
The pandemic has also led to a large rise in the number of individuals harnessing digital payment services to transfer funds to friends and family, Zelle noted in November, citing a consumer survey by the company.
Three-quarters of those polled said they were more likely to harness such peer-to-peer (P2P) services since the beginning of the coronavirus crisis.
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