Posted in News by OPN on July 13, 2021
Open Payment Network (OPN), the provider of a secure technology platform that enables instant payments anytime, anywhere, today announced the execution of an agreement with a financial institution designating OPN as a Third-Party Service Provider for the RTP® network, the real-time payment system developed by The Clearing House. The RTP network is the first new payments infrastructure built in the U.S. in more than 40 years and is empowering financial institutions and businesses to implement innovative, value-added use cases for faster payments.
“OPN and TCH both received the highest ranking by McKinsey & Company in the capabilities proposal submitted to the Faster Payments Council,” said OPN Founder and CEO Bradley Wilkes. “It only made sense that we would work together to provide interoperability to our mutual customers.”
The RTP network gives the banking industry a modern platform for 24/7 domestic real-time payments, complete with rich data capabilities and immediate payment confirmation. The network enables instantaneous settlement and availability, so funds can be used or withdrawn as cash within seconds. By implementing the OPN platform to connect to the RTP network, financial institutions can offer advanced new capabilities to their customers.
“The Clearing House is excited to work with OPN to bring real-time payments to their customers,” said Steve Ledford, senior vice president of product strategy and development at The Clearing House. “With OPN enabling access to the RTP network for financial institutions, OPN can provide new levels of speed and efficiency in payments that will significantly benefit financial institution customers.”
The Clearing House operates U.S-based payments networks that clear and settle more than $2 trillion each day through wire, ACH, check image, and real-time payments. It is the nation’s most experienced payments company, with a long track record of providing secure and reliable systems, payments innovation, and strategic thought leadership to financial institutions. Most recently, The Clearing House has revolutionized U.S. payments infrastructure with the RTP® network, which supports the immediate clearing and settlement of payments, along with the ability to exchange related payment information across the same secure channel. These RTP capabilities enable all financial institutions to offer safer, faster, and smarter digital transaction services for their corporate and retail customers. Learn more at www.theclearinghouse.org.
Open Payment Network™ (OPN) helps financial institutions attract and retain more customers and stay ahead of the competition by enabling them to deliver instant payments anytime, anywhere. By connecting to OPN’s secure technology platform, financial institutions become the gateway for instant payments via Internet and mobile device. The OPN platform integrates with existing core systems and moves payment value and associated data in real time for immediate settlement. Financial institutions can provide access to the OPN API so business customers, fintech developers and internal teams can create applications such as instant mortgage payments, payroll processing, and peer-to-peer payments. Visit www.openpaymentnetwork.us.