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With OPN, Bridge Community Bank and other financial institutions can send and receive instant payments over the RTP Network.
FREMONT, CA: Real-time payments can be advantageous for financial institutions (FIs), merchants, consumers, and society by providing greater visibility into payments, enabling better cash management, and assisting businesses in managing day-to-day operations by enhancing liquidity. Open Payment Network (OPN), a provider of technology that allows immediate payments, has connected Bridge Community Bank to The Clearing House's RTP network, a real-time payments system (TCH). With this connectivity, financial institutions such as Bridge Community Bank can link with OPN to transfer and receive customer funds from any other RTP-connected financial institution.
"We have been working closely with TCH and Bridge Community Bank to accomplish this milestone," states Bradley Wilkes, CEO of Open Payment Network. "This successful connectivity to the RTP network means that more financial institutions can deliver instant payments to their customers."
"Bridge Community Bank is committed to offer the benefits of instant payments to our customers and to offer these benefits early," comments Bob Steen, CEO of Bridge Community Bank. "We anticipate leveraging the OPN API to create more payment options that benefit our bank customers."
Using OPN's Application Programming Interface (API), financial institutions and their clients can add instant payments to current applications and develop new payment solutions. Financial institutions and clients can utilize the OPN technology platform to transmit and receive payments on the RTP Network for various purposes, including payroll processing, mortgage payments, and many more.
Real-time payments are next-generation payments that can be started by a client and cleared and settled within seconds, all of which are facilitated by the RTP network today and the FedNow service in the near future. OPN's RTP connectivity is enhanced by its fraud controls and directory service. OPN and Bridge Community Bank will test FedNow's real-time transactions as part of the FedNow pilot program in the coming months.
"We are happy to work with Open Payment Network in our efforts to bring the benefits of real-time payments to more financial institutions," shares Keith Gray, VP of sales and product development at The Clearing House. "With more companies like OPN providing connectivity to the RTP network, we will dramatically increase the availability to real-time payments to financial institution customers."
The RTP network offers the banking industry a modern platform for domestic payments, with extensive data possibilities and instant payment confirmation. The system provides fast settlement and liquidity, allowing funds to be utilized or withdrawn as cash in a matter of seconds. The RTP network currently reaches 61 percent of U.S. demand deposit accounts, and any federally insured depository institution, regardless of size, may join. The RTP network is utilized by over 250 financial institutions, with more joining monthly. No monthly fees, volume discounts, or minimum volume requirements are associated with the RTP network's pricing structure.