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, meaning they can benefit from the platform’s speed and immediate posting to help optimise cash flow. 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. It gives the banking industry a more modern platform for domestic payments, complete with rich data capabilities and payment confirmation. 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enables the sending and receiving of payments with immediate settlement and availability, so those funds can be used or withdrawn as cash within seconds.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 allows corporate banking customers to more easily integrate Wells Fargo products, services and information into their own digital environments.
The Clearing House, a banking association and payments company owned by 24 commercial banks that operate in the US, including Wells Fargo, developed the RTP network. More than 51% of US accounts already are able to receive RTP payments, and the number continues to grow.
“The ability to send payments on the RTP network allows Wells Fargo’s customers to experience the benefits and certainty of immediate funds availability and transaction confirmations,” said Steve Ledford, senior vice president of Product Strategy and Development for The Clearing House.
PayFi, The Clearing House partner on US real-time payments
The partnership promises to bring real-time payment capabilities to community banks across America.
HSBC Bank USA offers business clients real-time payments
Clients had been able to send real-time payments since July 2019.
Swift trials real-time cross border payments via Tips
The network launches a Europe cross-border instant payment test via its gpi service and the TARGET Instant Payments Settlement platform