Wells River Savings Bank implements The Clearing House’s RTP network

With digital payments booming due to the pandemic, the shift of businesses to this mode has prompted financial institutions to upgrade their infrastructure and methods. In the US, banks are looking towards The Clearing House for faster payment methods.

This week, Wells River Savings Bank, a Vermont based community bank, announced plans to bring real-time capabilities to its customers through the RTP network which is developed by The Clearing House.

‘The bank will gain access through Shazam inc which is a national debit-branded network and provider of the core, EFT and other financial services to community financial institutions, while Atlantic Community Bankers Bank (ACBB) will provide funding agent capabilities’, the press release noted.

“Our customers need financial technology tools that align with their personal and business needs. Providing real-time payments is an important step for us, allowing us to deliver important new functionality to our customers, thereby improving their customer experience,” said Judy Lavely, CFO and COO of Wells River Savings Bank.

Shazam is providing RTP network through Shazam Pay faster payments gateway while ACBB is providing funding and liquidity management services to Wells River which would allow the bank to ‘more easily manage real-time payments funding for the RTP network’.

Last week, US-based ESL Federal Credit Union, which is a financial services company, joined the RTP network.