PNC Treasury Management has announced that it now offers intelligent payment routing capabilities. The service is designed to allow clients to specify criteria that will help determine the appropriate payment type or format payments to different specifications based upon clearing channel. The theory is that this will increase efficiency and allow the corporate to directly focus on growing their business.
Intelligent payment routing provides clients with flexible options that suit their individual business needs and individual payment scenarios. Clients create a payment file and PNC Treasury Management will determine the most appropriate type of payment channel based upon specific factors, such as the fastest delivery and lowest cost, based upon preset parameters established by the client. Payment can be sent via real-time payment (RTP), same day ACH or next day ACH. An option for wire transfer will be added in first quarter 2020.
PNC says that it will use intelligent routing for its own employee expense reimbursement programme. To speed reimbursements while minimising efforts for accounts payable, the bank will use the existing NACHA origination file and the employee's direct deposit payroll information. Intelligent routing will send the payment immediately if it determines the account of the employee is eligible to receive an RTP. Otherwise, the payment will be sent through ACH to the employee's personal account.
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