Wells Fargo has announced that its corporate customers can now send real-time payments through the RTP network via an application programming interface (API). This enables the immediate movement of money and expands the bank’s faster payments offerings. Wells Fargo previously rolled out capabilities for both retail and wholesale customers to receive payments over the RTP network at the end of 2018.
Wells Fargo’s API for the RTP network allows corporate customers to send payments directly from their enterprise software or treasury workstations. The RTP network, the real-time payments platform from The Clearing House, is the first new core payments infrastructure built in the US in more than 40 years. The system enables the sending and receiving of payments with immediate settlement and availability, so those funds can be used or withdrawn as cash within seconds.
The API is available through Wells Fargo Gateway, the bank’s open banking channel that is designed to allow corporate customers to more easily integrate Wells Fargo products, services and information into their own digital environments.