NEW YORK, Nov. 14, 2017 /PRNewswire/ -- BNY Mellon announced today that it has originated the financial industry's first-ever payment on The Clearing House's (TCH) Real-Time Payments (RTP) network, which launched today.
BNY Mellon has been a pioneer, working closely with TCH to design and develop the RTP infrastructure. RTP is the first new core U.S. payments infrastructure since the ACH network was introduced in 1974. Other banks are now joining in a broader consortium that will soon begin processing RTP transactions.
RTP allows consumers and businesses to send and receive funds and messages in real time, 24/7/365, directly from their bank accounts without creating accounts on other services. It allows people to exchange payments more quickly, more safely, and more efficiently than via current payment rails. It supports complex digital commerce services with integrated messaging that allows issuing and paying of e-invoices, e-bills, and requests for payment. It provides rich remittance data, confirmation of delivery, and requests for information or return of funds as well.
BNY Mellon has worked closely with other banks and with clients more broadly to align these innovations to their unmet business needs. In research released earlier this year called "Rethinking the Client Payment Experience," BNY Mellon found that global banks view Real-Time Payments as having the greatest promise to substantially improve the processing of lower-value payments globally.
"Payments are at the center of every economic transaction from global trade to local small businesses. They are a cornerstone of our digital strategy," said Ian Stewart, CEO of BNY Mellon's Treasury Services business. "BNY Mellon's RTP solution will bring our clients into the future of banking with meaningful, high-value changes to the way we conduct business and interact with one another."
BNY Mellon now offers its RTP solution to its bank and corporate clients through their existing payments accounts and services so that clients can "plug and play" the new capabilities as they see fit.
BNY Mellon clients using RTP will be able to:
BNY Mellon is one of a network of owner banks of The Clearing House and a direct participant in this new network. It has worked actively with these industry partners to drive the standards, best practices and guidelines for this new network to ensure that all participants have a consistent, efficient and streamlined experience. These partners have made ubiquity of RTP a top priority for the payments industry, with the goal of achieving full adoption by 2020.
About BNY Mellon Treasury Services
With locations on six continents and an extensive network of correspondent financial institutions, BNY Mellon's Treasury Services group delivers high-quality performance in global payments, trade services and cash management. It helps clients optimize cash flow, manage liquidity and make payments more efficiently around the world in more than 100 countries. Processing payment transactions in over 120 currencies, the company is a top-five participant in both the CHIPS and overall funds transfer markets. The company is also a recognized leader in the delivery of private-label treasury services solutions for banks and other large institutional clients.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of Sept. 30, 2017, BNY Mellon had $32.2 trillion in assets under custody and/or administration, and $1.8 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
About The Clearing House
The Clearing House is a banking association and payments company that is owned by the largest commercial banks and dates back to 1853. The Clearing House Payments Company L.L.C. owns and operates core payments system infrastructure in the United States and is currently working to modernize that infrastructure by launching a new, ubiquitous, real-time payment system. The Payments Company is the only private-sector ACH and wire operator in the United States, clearing and settling nearly $2 trillion in U.S. dollar payments each day, representing half of all commercial ACH and wire volume. Its affiliate, The Clearing House Association L.L.C., is a nonpartisan organization that engages in research, analysis, advocacy and litigation focused on financial regulation that supports a safe, sound and competitive banking system.
SOURCE BNY Mellon