Fiserv and The Clearing House expand the real-time payments access
Fiserv, the US-based payments company has teamed up with infrastructure provider The Clearing House to enable real-time payments for consumers and businesses.
Under this partnership, Finserv’s financial institution clients will be able to access The Clearing House network and support a range of consumer and commercial payment services via NOW Gateway from Fiserv.
“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,” said Matthew Wilcox, president of Digital Payments and Data Aggregation at Fiserv. Adding further, “to remain competitive, financial institutions must offer real-time payment capabilities”.
In related news, EBA Clearing, SWIFT and The Clearing House tested cross-border payments last week while The Clearing House also raised the RTP limit to a $1 million.
As noted, Now Gateway acts as an adaptable access point for financial institutions and through a single integration, FIs can offer clients 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 gateway will connect to the RTP network and similarly enable FIs to have “send and receive real-time payments over the RTP network, which connects to over 60% of bank accounts in the U.S”.
“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”, said Russ Waterhouse, executive vice president of Product & Strategy at The Clearing House.