Thousands of financial institutions will be able to “simplify” and “accelerate” the enablement of real-time payments for consumers and businesses as the result of a collaboration between The Clearing House and Fiserv, Inc. (NASDAQ: FISV), an international provider of financial services technology solutions.
Fiserv financial institution clients will be able “to access The Clearing House RTP® network and support a broad range of consumer and commercial payment services via NOW® Gateway from Fiserv.”
NOW Gateway acts “as an adaptable access point for financial institutions that want to support real-time payment options in a rapidly changing market.”
Via a single integration to NOW Gateway, financial institutions “can offer their customers access to a broad range of current and emerging real-time payment services including Zelle® person-to-person payments, payouts for gig economy work or insurance claims, interbank account transfers, and real-time bill payments.”
The NOW Gateway connection to the RTP network will “enable financial institutions to send and receive real-time payments over the RTP network, which connects to over 60% of bank accounts in the U.S., on behalf of their customers.”
Matthew Wilcox, president of Digital Payments and Data Aggregation at Fiserv, remarked:
“The demand for real-time payments continues to accelerate, as evidenced by the consistent double-digit year-over-year growth we see in real-time P2P payments at Fiserv. To remain competitive, financial institutions must offer real-time payment capabilities. That’s why we are committed to making real-time implementation easier for any financial institution, from regional bank to community bank, to credit union. Our work with The Clearing House to integrate the RTP network with our NOW Gateway is the latest advancement towards this goal.”
Russ Waterhouse, executive vice president of Product & Strategy at The Clearing House, noted:
“The connection of Fiserv to the RTP network can provide financial institutions with an accessible real-time payment offering that will deliver significant benefits to their customers and provide competitive advantage.”
Broadly enabling financial institutions “to deploy real-time payments can help forge stronger bonds of trust and utility with customers, particularly when it comes to helping them send and receive money in an emergency, avoid late fees, or avert service termination.”
Via The Clearing House and Fiserv, financial institutions can “open the door to a full suite of essential real-time payment capabilities.”
In a world moving faster than ever before, Fiserv “helps clients deliver solutions in step with the way people live and work today – financial services at the speed of life.”