ESL Federal Credit Union joins the RTP Network

Faster payments not only help businesses to send money but also receive them which ensures the regular cash flow and working capital. Financial Institutions and other commercial payments companies in the past year have joined the RTP network by The Clearing House to ensure the businesses in the US have benefited from faster payments.

US-based ESL Federal Credit Union which is a financial services company has joined the RTP network which is developed by The Clearing House.

With joining the RTP network, the company aims to serve its customers with modern payments infrastructure, enabling both consumers and businesses to receive payments immediately. The company has joined the RTP network via BNY Mellon and Levvel is providing the company to prepare its system to offer real-time payments.

ESL Federal Credit Union serves 374,000 members and 11,400 businesses as customers.

“We are facilitating innovative solutions that help clients optimize payment processes, reduce processing costs, and speed payment delivery and transparency”, said Mike Bellacosa, Global Head of Payments and Transaction Services, BNY Mellon.

The RTP network is developed by The Clearing House, and according to the press release, it is the first new payments infrastructure built in the US in more than 40 years. It provides real-time payment capabilities.

“ESL Federal Credit Union’s addition to the RTP network is another example of how technology providers, such as BNY Mellon and Levvel, are helping the real-time payments ecosystem to grow,” said Keith Gray, Vice President, Strategic Partnerships, at The Clearing House. Adding further, he said, “By joining the RTP network, ESL can provide the speed and efficiency of real-time payments that will significantly benefit their customers”.

Back in 2020, FIS teamed up with The Clearing House to provide real-time payment processing (RTP) and settlement to small-to-medium-sized banks and credit unions along with their customers and The Clearing House also increased its transaction limit to $100,000 from its previous transaction limit of $25,000.