Payment company PayFi and The Clearing House (TCH) have partnered to bring real-time payments technologies to the community banks on PayFi’s Branch99TM Real-Time Platform, according to a release.
“We are in the middle of an unprecedented disruption in the banking and payments industries,” PayFi Head of Growth Peter Gordon said. “The recent announcement of Avidia Bank being the first community bank to commit to joining the RTP network through PayFi’s Branch99TM Real-Time Platform furthers our commitment to community and regional banks. The ISO 20022 messaging functionality on the RTP network provides banks of all sizes with rich messaging capabilities to enable conversational commerce, allowing banks to continue to build strong relationships with their customers.”
PayFi said its RTP network is the first new core payments infrastructure in over 40 years.
“The network is the first to deliver 24/7 clearing and interbank settlement, including the real-time movement of money and enriched data between participating financial institutions,” PayFi said. “The RTP network offers a suite of available use cases and extensive level of data accompanying each RTP transaction.”
Currently, the network reaches more than half of accounts in the U.S. for real-time payment receipt, and it continues to grow.
“The Clearing House is excited to partner with PayFi and to work with them to bring real-time payments to their clients,” said Steve Ledford, senior vice president and RTP product executive at TCH. “We are committed to providing real-time payments capabilities on the RTP network to all U.S. depository institutions. PayFi’s community and regional bank clients will be able to provide new levels of speed and efficiency in transactions on the RTP network that will ultimately benefit their customers.”
PayFi said its main goal is to speed up the adoption of real-time payments and relationship banking for community banks.
“PayFi is positioned to empower banks to define and deliver payments strategies and enable next-generation payment features, including enhanced speed, security and robust ISO 20022 messaging capabilities on PayFi’s Branch99TM Real-Time Platform through simple APIs,” it said.