Wells Fargo has launched an integration with the RTP network, enabling its business clients to send real-time payments, Wells Fargo announced in a press release on Tuesday (Nov. 19).
Using an application programming interface (API), corporate customers can send money immediately. Last year, Wells Fargo introduced receiving payments over the RTP network for retail and wholesale customers.
The API is available through open its open banking channel, the Wells Fargo Gateway. It offers easy integration of the bank’s services into a firm’s own digital environment.
“Our customers want the ability to make immediate payments and receive timely confirmations to run their businesses more efficiently,” said Wells Fargo Head of Treasury, Merchant and Payment Solutions Danny Peltz. “The ability to send transactions on the RTP network gives our customers yet another option for moving money when and how they want.”
Corporate customers can send payments over the network directly from their enterprise software or treasury workstations and take advantage of immediate posting, which can help optimize cash flow.
The RTP network, the real-time payments platform from The Clearing House, offers the banking industry the ability to send and receive money in real time. It is the first core payments platform created in the U.S. in over 40 years.
The Clearing House is an association owned and developed by 24 U.S. commercial banks, including Wells Fargo. More than 51 percent of bank accounts use the RTP network.
“The ability to send payments on the RTP network allows Wells Fargo’s customers to experience the benefits and certainty of immediate funds availability and transaction confirmations,” said Steve Ledford, senior vice president of product strategy and development for The Clearing House.
The adoption of real-time payments in the U.S. has been slow, particularly compared to other markets like the U.K. The U.S.’s push for real-time payments is led by The Clearing House, which aims for the ubiquity of its RTP network by 2020.