Virginia based Chesapeake Bank has joined the RTP network (Real-Time Payments) a private sector open banking platform developed by The Clearing House, a US banking industry body. With this joining, Chesapeake Bank account holders will be able to receive their payments directly into their accounts with real-time confirmation while providing for advanced messaging capabilities.
“We are excited to offer our customers the ability to receive payments much faster and continue to support new digital innovations,” said Rick Roberts, Director of Operations at Chesapeake Bank. “The RTP network provides improved speed, reliability, and security to consumer and business payments.”
The RTP network is the first core payments infrastructure built in the US and it gives the banking industry a platform for domestic payments complete with data capabilities and immediate payment confirmation. The RTP network currently reaches 53% of US demand deposits accounts and offers a flat pricing structure for depository institutions regardless of size, the press release said.