A press release Monday (Aug. 20) said corporate customers can now originate RTP transactions to corporate or consumer receivers via the bank’s PINACLE online and mobile banking portal, or through API and file transmission. Funds transferred using RTP are available to receivers within seconds, the financial institution (FI) noted.
The payment system supports faster transactions any time, any day of the year, a critical component of the feature, according to PNC Treasury Management EVP and Head of Product Management and Operations Chris Ward.
“One of the key features of RTP is the immediate transfer of funds — day or night,” he said in a statement. “The speed of doing business continues to accelerate, and the efficiencies of RTP allow our clients to not only keep pace, but stay ahead.”
Both ends of the transaction receive confirmation when payments are complete, while additional data and information can also be sent along with payment.
PNC announced it had joined RTP last December using Finastra’s Fusion Payments platform. In a statement at the time, Ward said faster payment technologies “are creating opportunities for banks and clients to reimagine our business models.”
Earlier this year, Ward spoke with PYMNTS about another technology the bank is investing in: artificial intelligence (AI). As part of the PYMNTS Digital Banking Tracker, Ward said AI will have long-term benefits for the bank.
“I think [AI] is going to allow us to maker faster decisions for customers, it’s going to help increase compliance, and I think it’s also going to create new revenue opportunities and client experiences that we just don’t have today,” he said, adding that customers seem more excited than concerned about adopting AI tools.