FIS Partners with The Clearing House to Bring Real-Time Payments to U.S. Financial Institutions
September 23 2020 - 8:00AM
Business Wire
Key facts
- New FIS managed service eases the process for
small-to-mid-sized banks and credit unions to connect to the RTP®
network from The Clearing House.
- First Bank and Nano Banc are among the first banks to begin
real-time payment processing and settlement through the FIS managed
service.
As consumers and businesses increasingly demand the speed and
convenience of faster payment methods, financial technology leader
FIS® (NYSE: FIS) is teaming with The Clearing House to bring
real-time payment processing and settlement to small-to-mid-sized
banks and credit unions and their customers.
FIS’ real-time payments managed service provides a complete,
turnkey service for financial institutions to quickly and
cost-effectively connect to the RTP® network, the real-time payment
system in the United States provided by The Clearing House. The
first new payments infrastructure built in the U.S. in more than 40
years, the RTP network from The Clearing House enables
instantaneous settlement of payments and availability of funds for
participating banks and their customers.
Offered to small-to-mid-sized banks and credit unions using FIS
core banking systems, the new managed service seamlessly connects
financial institutions to the RTP network from The Clearing House,
enabling them to initiate and receive real-time payment
transactions. Because the solution is hosted by FIS, financial
institutions can take advantage of the network without the need to
add staff or make significant upfront capital investments.
St. Louis, MO-based First Bank, one of the largest
privately-owned banks in the U.S., and Nano Banc, a
relationship-based bank headquartered in Irvine, CA, are among the
first FIS core banking clients to begin real-time payments through
the FIS managed service.
“First Bank prides ourselves on being on the forefront of
technologies that can have a positive impact in the lives and
businesses of our customers,” said Ajay Kothuri, Assistant Vice
President and Product Management Officer at First Bank. “What
attracted us to the FIS real-time payments managed service was the
ability to accelerate our connection to the RTP network while
reducing costs and complexity. As our volume of real-time payments
grow, we can easily scale to meet the growing demand.”
“As an organization that prides itself on using technology to
deliver unique and satisfying customer experiences, Nano Banc
wanted to be ahead of the curve in terms of delivering instant
payments to our account holders and community businesses since
inception,” said Mark Troncale, President at Nano Banc. “The
real-time payments managed service from FIS allowed us to connect
to the RTP network much faster than before. And with FIS hosting
this service, we can be confident that we will always be utilizing
the most current real-time payments technologies for the benefit of
our clients.”
“As a long-time partner with The Clearing House, we are excited
to see the RTP network continue to grow and to be working with
banks across the United States to take advantage of the speed,
power and scalability of real-time payments,” said Royal Cole, EVP,
Head of Financial Institutions Payment Solutions, at FIS. “We’ve
designed our new managed service to ease the process of connecting
to this emerging platform for small-to-mid-sized banks and credit
unions that lack the resources of their larger competitors.”
“We are excited to be working with FIS to bring the benefits of
real-time payments to their financial institution customers,” said
Steve Ledford, Senior Vice President of Product Development and
Strategy at The Clearing House. “We are also delighted to welcome
First Bank and Nano Bank to the real-time payments revolution on
the RTP network, which is built to provide real-time payments
capabilities to financial institutions of all sizes.”
About FIS
FIS is a leading provider of technology solutions for merchants,
banks and capital markets firms globally. Our more than 55,000
people are dedicated to advancing the way the world pays, banks and
invests by applying our scale, deep expertise and data-driven
insights. We help our clients use technology in innovative ways to
solve business-critical challenges and deliver superior experiences
for their customers. Headquartered in Jacksonville, Florida, FIS is
a Fortune 500® company and is a member of Standard & Poor’s
500® Index. To learn more, visit www.fisglobal.com. Follow FIS on
Facebook, LinkedIn and Twitter (@FISGlobal).
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version on businesswire.com: https://www.businesswire.com/news/home/20200923005094/en/
Kim Snider, +1 904.438.6278 Senior Vice President FIS Global
Marketing and Communications kim.snider@fisglobal.com
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