The open payment network connects financial institutions to the RTP network, enabling instant payments for customers
With OPN, financial institutions such as Bridge Community Bank can send and receive instant payments over the RTP network
PLEASANT GROVE, Utah, July 12, 2022 /PRNewswire/ — Open payment network (OPN), a technology provider that enables instant payments, today announced that it is providing Bridge Community Bank with connectivity to the RTP network, the real-time payment system of The Clearing House (TCH). With this connectivity, financial institutions such as Bridge Community Bank can connect to OPN to send and receive customer funds to and from any other financial institution on the RTP network.
Successful connectivity to the RTP network means more financial institutions can provide instant payments to customers.
“We have worked closely with TCH and Bridge Community Bank to achieve this milestone,” said Bradley Wilkes, CEO of Open Payment Network. “This successful connectivity to the RTP network means more financial institutions can provide instant payments to their customers.”
Using OPN’s API, financial institutions and their customers can add instant payments to their existing applications and create entirely new instant payment solutions. From payroll processing to mortgage payments and a myriad of other payment scenarios, financial institutions and customers can leverage the OPN technology platform to send and receive payments over the RTP network.
“Bridge Community Bank is committed to bringing the benefits of instant payments to our customers and delivering those benefits early,” said Bob Steen, CEO of Bridge Community Bank. “We plan to leverage the OPN API to create more payment options that benefit our banking customers.”
Real-time payments are next-generation payments that can be initiated by a customer, then cleared and settled in seconds, all facilitated today by the RTP network and in the near term by the FedNow service. OPN adds value to its RTP connectivity with anti-fraud controls and directory service. OPN and Bridge Community Bank are also participating in the FedNow pilot project and will test real-time FedNow transactions in the coming months.
“We are pleased to work with Open Payment Network in our efforts to bring the benefits of real-time payments to more financial institutions,” said Keith Gray, vice president of sales and product development at The Clearing House. “With more companies like OPN providing connectivity to the RTP network, we will dramatically increase the availability of real-time payments for financial institution customers.”
The RTP network provides the banking industry with a modern platform for domestic payments, with rich data capabilities and immediate payment confirmation. The system allows instant settlement and availability so that funds can be used or cashed out in seconds. The RTP network currently reaches 61% of demand deposit accounts in the United States, and all federally insured depository institutions, regardless of size, can join the network. Over 250 financial institutions use the RTP network, with more joining every week. The RTP network offers a flat rate pricing structure for all depository institutions, regardless of size, and does not impose monthly fees, volume discounts or minimum volume requirements.
About the Open Payment Network
Open Payment Network™ (OPN) helps financial institutions attract and retain more customers and stay ahead of the competition by enabling them to make instant payments anytime, anywhere. By connecting to OPN’s secure technology platform, financial institutions become the gateway for instant payments via the Internet and mobile devices. The OPN platform integrates with existing core systems and moves payment value and associated data in real time for immediate settlement. Financial institutions can provide access to the OPN API so business customers, fintech developers, and internal teams can build applications such as instant mortgage payments, payroll processing, and peer-to-peer payments. Visit openpaymentnetwork.us.
About Bridge Community Bank
Bridge Community Bank is an employee-owned community bank established in 1903. Serving our customers and the communities of East Central Iowa is our primary mission. In addition to offering standard banking services ranging from deposit account, IRA, CDs, commercial products, business and personal loans to mortgages, Bridge Community Bank is committed to providing the best in banking technology. . Our mobile banking and P2P payments app offerings are now enhanced by the investment made in RTP network membership and real-time payments.
About the Clearinghouse
The clearing house operates United States-based payment networks that clear and settle over 2 trillion dollars daily via wire transfer, ACH, check image and real-time payments. It is the most experienced payments company in the country, with a long track record of delivering secure and reliable systems, payments innovation and strategic leadership with financial institutions. More recently, The Clearing House revolutionized the payments infrastructure in the United States with the RTP network, which supports immediate clearing and settlement of payments, as well as the ability to exchange related payment information through the same secure channel. These RTP capabilities enable all financial institutions to offer safer, faster and smarter digital transaction services to their corporate and retail customers. Visit theclearinghouse.org.
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