HSBC Bank USA offers business clients real-time payments

HSBC Bank USA (HSBC) has announced the launch of real-time payments capabilities on the RTP network that allow business and institutional clients of all sizes to pay and be paid immediately with enhanced convenience and security. With this latest enhancement in HSBC’s implementation of the RTP network, clients have begun sending real-time payments, having been able to receive real-time payments since July 2019.

The RTP network is developed by The Clearing House (TCH) and its owner banks, including HSBC. The bank is using the RTP network to provide business and institutional clients with payment functionality that supports activities such as just-in-time cash management, instant delivery of payroll, and immediate customer refunds. The RTP network is also available to HSBC’s individual customers when receiving payments from businesses and other individuals.

HSBC says it has been working with TCH and other banks to modernise the US payments industry through the development and adoption of the RTP network, which moves US dollars in real-time between accounts at any US depository institution on the RTP network. Every federally insured US depository institution is eligible to directly participate in the RTP network.

Customers who are currently eligible to make and receive payments via the RTP network are those with a US dollar account in HSBC USA’s Global Banking and Markets, Commercial Banking and Private Banking units, and use HSBCnet or HSBCConnect for online banking services.