With OPN, Financial Institutions Such as Bridge Community Bank Can Send and Receive Instant Payments on 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 payments system from The Clearing House (TCH). With this connectivity, financial institutions like Bridge Community Bank can connect with OPN to send and receive customer funds to and from any other financial institution on the RTP network.
“We have been working closely with TCH and Bridge Community Bank to accomplish this milestone,” said Bradley Wilkes, CEO of Open Payment Network. “This successful connectivity to the RTP network means that more financial institutions can deliver instant payments to their customers.”Bradley Wilkes, CEO of Open Payment Network
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 to a myriad of other payment scenarios, financial institutions and customers can build on the OPN technology platform to send and receive payments on the RTP Network.
“Bridge Community Bank is committed to offer the benefits of instant payments to our customers and to offer these benefits early,” said Bob Steen, CEO of Bridge Community Bank. “We anticipate leveraging the OPN API to create more payment options that benefit our bank customers.”
Real-time payments are next-generation payments that can be initiated by a customer and then clear and settle within 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 fraud controls and directory service. OPN and Bridge Community Bank are also participating in the FedNow pilot and will be testing FedNow real-time transactions within the next few months.
“We are happy to work with Open Payment Network in our efforts to bring the benefits of real-time payments to more financial institutions,” said Keith Gray, VP 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 to real-time payments to financial institution customers.”
The RTP network provides the banking industry with a modern platform for domestic payments, complete with rich data capabilities and immediate payment confirmation. The system enables instantaneous settlement and availability so funds can be used or withdrawn as cash within seconds. The RTP network currently reaches 61% of U.S. demand deposit accounts, and all federally insured depository institutions — regardless of size — can join the network. More than 250 financial institutions are using the RTP network, with more joining weekly. The RTP network offers a flat pricing structure for all depository institutions regardless of size and does not have monthly fees, volume discounts or minimum volume requirements.
About 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 deliver instant payments anytime, anywhere. By connecting to OPN’s secure technology platform, financial institutions become the gateway for instant payments via Internet and mobile device. 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 create 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 communities in East Central Iowa is our core mission. In addition to offering standard banking services from deposit account, IRA, CDs, business products, commercial and personal loans, to mortgage loans, Bridge Community Bank is committed to providing the best that banking technology can offer. Our mobile banking app and P2P payments offerings are now enhanced by the investment made into joining the RTP network and real-time payments.
About The Clearing House
The Clearing House operates U.S-based payments networks that clear and settle more than $2 trillion daily through wire, ACH, check image, and real-time payments. It is the nation’s most experienced payments company, with a long track record of providing secure and reliable systems, payments innovation, and strategic thought leadership to financial institutions. Most recently, The Clearing House has revolutionized U.S. payments infrastructure with the RTP network, which supports the immediate clearing and settlement of payments, along with the ability to exchange related payment information across the same secure channel. These RTP capabilities enable all financial institutions to offer safer, faster and smarter digital transaction services for their corporate and retail customers. Visit theclearinghouse.org.