MUFG Union Bank launches real-time payments
MUFG Union Bank N.A, a New York-based subsidiary of Japan’s Mitsubishi UFJ Financial Services Group, has launched real-time payments for its clients via RTP network which is operated by The Clearing House. Using this network, the corporate, retail and small business clients of MUFG Union Bank would be able to have instantaneous receipt of payments which will help them to improve cash flow, manage working capital, and streamline processes.
The RTP network (Real-time Transport Protocol), which the bank has chosen its mode of the platform to deliver its real-time payments, is managed by US-based The Clearing House Payments Company L.L.C.
“Real-time payments offer our clients the payment processing speed to meet their business needs in a rapidly changing digital commerce environment. MUFG Union Bank is committed to supporting our clients’ movement toward real-time payments in the United States to enhance their experience,” said Head of Global Transaction Banking and Transaction Banking Americas Ranjana Clark.
The RTP system facilitates instant settlements within seconds. With the help of this platform, companies can improve processing, reduce operational cost, fraud and risk.