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Payments General

Avidia Bank to implement the RTP network from The Clearing House

Friday 17 May 2019 | 01:39 PM CET

US-based Avidia Bank has announced that it has committed to bringing real-time payments capabilities to its customers through the RTP network developed by The Clearing House (TCH).

With the RTP network, Avidia Bank will deliver to its customers a modern payments infrastructure in the world, enabling consumers and businesses to send, clear, and settle payments immediately while also providing for advanced messaging functionalities.

The RTP network is the first new core payments infrastructure built in the US in over 40 years and is delivering a wave of payments innovation to benefit customers nationwide. The system delivers 24/7/365 clearing and interbank settlement, including the real-time movement of money between participating financial institutions.

By implementing the RTP network, Avidia Bank joins a growing number of financial institutions offering new capabilities to their customers. The RTP network currently reaches more than 50% of US. demand deposit accounts and is on track to achieve ubiquity in 2020.

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