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Business Wire
24-07-2025
- Business
- Business Wire
Apiture Launches Real-Time Payments for Community Banks and Credit Unions
WILMINGTON, N.C.--(BUSINESS WIRE)-- Apiture, a leading provider of digital banking solutions, today announced the availability of real-time payment capabilities for its community bank and credit union clients. With this enhancement, Apiture clients can enable their consumer and business account holders to send and receive payments instantly, 24/7/365, through The Clearing House's RTP ® network and the Federal Reserve's FedNow ® Service. As demand for faster, more reliable payment experiences continues to grow, real-time payments adoption is steadily increasing, especially among businesses. Over half of American companies were already using RTP and FedNow in 2024, according to a study from U.S. Bank, with adoption projected to reach 80% by 2026. As real-time payments shift from a competitive advantage to a customer expectation, offering this capability is becoming increasingly important for community banks and credit unions to compete with larger financial institutions. The Apiture Digital Banking Platform provides a comprehensive suite of payment options enabling consumers and businesses to choose the best payment method based on their specific use case. The new real-time payments capability builds upon Apiture's existing faster payment options, including domestic and international wire transfers with real-time foreign exchange rates. Additional payment services available to Apiture clients include bill pay, peer-to-peer payments, internal and external transfers, and ACH transactions. 'Whether to support company payroll, bill payments, gig worker payments, early wage access, government disbursements, or P2P transfers, real-time payments have emerged as a highly effective way for consumers and businesses to instantly send and receive account-to-account payments,' said Chris Cox, chief operating officer at Apiture. 'This represents another step in our ongoing mission to help community and regional financial institutions deliver the features today's consumers and businesses need and expect.' For more information, visit About Apiture Apiture delivers award-winning digital banking solutions to banks and credit unions throughout the U.S. Our flexible, highly configurable solutions meet a wide range of financial institutions' needs, from leveling the playing field with larger institutions to supporting growth through innovative data intelligence and embedded banking strategies. With our API-first approach, our clients can maximize the capabilities of their platform while preserving a seamless user experience. Our exclusive focus on digital banking, and a team with hundreds of years of collective experience working at U.S. financial institutions, means we are dedicated to meeting the unique needs of our clients while providing a level of support that is unmatched in the industry. Apiture is headquartered in Wilmington, North Carolina. To learn more, visit
Forbes
17-07-2025
- Business
- Forbes
Real-Time Payments Are Soaring In The U.S.
Close up of network data flowing on black background. getty The U.S. was slow getting to real-time payments, but the businesses and individuals are taking them up in a big way, using primarily the private sector RTP rails from The Clearing House (TCH). The number of real-time payments and their size of the payments has risen sharply in the last quarter. TCH which operates the largest instant payments system in the United States said today that it averages 1.18 million payments each day, worth $481 billion, a 195% leap in value from the previous quarter. Since it increased the maximum transaction limit from $1 million to $10 million in February, the average transaction has grown from $842 in January to more than $4,000 by June, a 376% increase. 'We currently have over 30,000 businesses that are originating RTP payments on the network each and every month and over 6 million consumers,' said Jim Colassano, senior vice president of RTP Business Product Management at TCH. Jim Colassano, SVP of RTP Business Product Management at TCH David Beyda, Courtesy The Clearing House 'They're using it not only because of the speed but because of the breadth of functionality that it offers. It's available 24 hours a day. You can make a payment precisely when you want to make it. So, if you want to make an instant payment next Thursday at two o'clock in the morning, you can do that.' Some of the new uses of RTP, such as payroll, have surprised him. 'I thought that once we got to direct deposit of payroll and payroll cards, we were done.' The gig economy and earned wage access as an alternative to payday loans have changed that. Gig workers can get paid immediately after their shift, and increasingly through earned wage access workers can get paid for work they have done before the traditional payroll schedule. The precision of RTP has also attracted small businesses concerned about cash flow. They can specify the exact time a payment is made, so they don't have to send a check several days ahead because they don't know how long a check will take in the mail and then to clear. Corporations are using RTP to improve customer experience. So for example if they have an irate customer on the phone they can offer to settle a dispute and before the customer gets off the phone the money is in her account. 'Technology firms are creating a more dynamic user experience,' said Colassano, 'and we are seeing a generational shift in expectations.' ACH, which was developed in the early. 1970s, was built to move funds in bulk and in batch while today's users increasingly expect immediacy in payments. RTP funds are irrevocable, so the receiver doesn't have to worry non-sufficient funds or a sender trying to cancel the transaction and demand the money back. The receiver can draw on the funds immediately and the sender receives confirmation the payment has been made — seven days a week, nights, weekends and what used to be called bank holidays. The cost for this varies by bank, but the network charges 4.5 cents per transaction, a price it lists on its website. Only banks can access the network, and they are free to mark up the price of transactions. RTP makes a big difference to banks in time sensitive businesses like mortgages which have had to deal with a bank payment system that worked on East Coast hours. 'When you're closing on one coast and your financing agent is on the other coast, it gets problematic and presents an incredible amount of risk to the industry,' Colassano said. Using RTP that operates 24 hours a day just eliminates the problem of time zone differences. About 45 percent of the transaction on the RTP network occur outside regular banking hours, said Gregory MacSweeney, spokesman for TCH. Real estate deals made up some of those transactions — closings, earnest fund refunds, construction loans payouts, fees to agents and to title companies, all manned by professionals who often work outside regular office hours. It's also used by innovative car companies like Cross River Bank and Carvana which sell cars through a combination of internet listings and direct delivery to a customer. They use RTP and its request for payment to transfer funds immediately upon pickup or delivery of a vehicle. In the early days of RTP, Colassano had to explain to banks and corporates what it was and how it worked. Now he no longer has to explain instant payments, and instead he talks about use cases, including transferring funds from closed loop systems to bank accounts. One of their first big users of the real-time payments network was PayPal. Other closed loop systems with digital wallets, such as gaming sites, have also made use of RTP.
Finextra
02-07-2025
- Business
- Finextra
US bank groups call for quick transition as Treasury phases out paper cheques
A trio of bank groups has written to the US Department of the Treasury urging it to move quickly in ditching paper cheques for electronic payment options. 1 In March, President Donald Trump ordered the US federal government to phase out the use of paper cheques and to centralise payment processing in an effort to crack down on fraud. In an executive order, Trump said the use of paper cheques and money orders into and out of the United States Government Fund "imposes unnecessary costs; delays; and risks of fraud, lost payments, theft, and inefficiencies". The US Treasury followed up the executive order with a request for information, which the Bank Policy Institute, The Clearing House Association and the Consumer Bankers Association have now responded to, urging prompt action to fully transition to secure, modern electronic payment methods and minimise the use of cheques. 'Removing paper Treasury checks from circulation is an important step toward reducing theft and the related losses to the federal government and financial institutions,' the groups write. 'Treasury's efforts to phase out paper checks in government payments represent a critical opportunity to modernize America's payment infrastructure, reduce fraud and increase financial security for American taxpayers.' They are calling for a public awareness campaign to educate Americans on electronic payments, an expansion of the government's use of existing electronic payment platforms, and an investment in fraud detection tools such as ID verification.
Finextra
10-06-2025
- Business
- Finextra
BofA clients embrace new $10 million limit in US real-time payments
Recent action from The Clearing House to increase the transaction limit on real-time payments from $1 million to $10 million is fueling new use cases in business-to-business payments among Bank of America clients. 0 The bank is one of the first financial institutions to enable its corporate customers to send payments up to the new transaction limit. As one of the owners of The Clearing House, Bank of America played a significant role in developing the RTP® network in consultation with peer banks, technology firms and the U.S. Federal Reserve. 'Our clients have been using RTP to pay vendors, employees and customers, but the larger cap has opened up use cases for different kinds of transactions, such as real estate and deal closings and other corporate activity,' said AJ McCray, head of Global Payments Products, Global Payments Solutions (GPS) at Bank of America. In the first six weeks since the transaction limit was raised, BofA corporate clients have increasingly taken advantage of the limit increase, with transactions over $1 million now accounting for more than half the value of all U.S. real-time payments the company is processing. 'The instant nature of real-time payments is a huge advantage for optimizing working capital and cashflow,' said Jay Davenport co-head of GPS Global Corporate Sales at Bank of America. 'RTP payments embody some of the most commonly requested features from our customers - convenience, transparency and resiliency.' Key features of the RTP network The network operates 24 hours, 7 days a week including holidays and weekends. Payments are settled immediately, regardless of time of day. The originator of a payment has transparency into the status of transaction, including whether it has been accepted or rejected. The recipient receives a payment within seconds. RTP uses ISO 20022, the international standard for financial messaging. This robust message standard offers multiple options for the originator to incorporate detailed remittance information with the payment. As real time payment adoption continues to rise, companies can explore new applications such as just-in-time supplier payments, complete real-estate transactions, and account to account money movement. Bank of America serves 94% of the Fortune 500 and 73% of the Global Fortune 500. Besides U.S. RTP network connectivity, these clients can take advantage of the full range of payment capabilities such as commercial card, ACH, wire and transactional FX solutions, in addition to the bank's own innovations, Recipient Select and Digital Disbursements.
Yahoo
10-06-2025
- Business
- Yahoo
BofA Clients Embrace New $10 Million Limit in U.S. Real-Time Payments
NEW YORK, June 10, 2025 /PRNewswire/ -- Recent action from The Clearing House to increase the transaction limit on real-time payments from $1 million to $10 million is fueling new use cases in business-to-business payments among Bank of America clients. The bank is one of the first financial institutions to enable its corporate customers to send payments up to the new transaction limit. As one of the owners of The Clearing House, Bank of America played a significant role in developing the RTP® network in consultation with peer banks, technology firms and the U.S. Federal Reserve. "Our clients have been using RTP to pay vendors, employees and customers, but the larger cap has opened up use cases for different kinds of transactions, such as real estate and deal closings and other corporate activity," said AJ McCray, head of Global Payments Products, Global Payments Solutions (GPS) at Bank of America. In the first six weeks since the transaction limit was raised, BofA corporate clients have increasingly taken advantage of the limit increase, with transactions over $1 million now accounting for more than half the value of all U.S. real-time payments the company is processing. "The instant nature of real-time payments is a huge advantage for optimizing working capital and cashflow," said Jay Davenport co-head of GPS Global Corporate Sales at Bank of America. "RTP payments embody some of the most commonly requested features from our customers – convenience, transparency and resiliency." Key features of the RTP network The network operates 24 hours, 7 days a week including holidays and weekends. Payments are settled immediately, regardless of time of day. The originator of a payment has transparency into the status of transaction, including whether it has been accepted or rejected. The recipient receives a payment within seconds. RTP uses ISO 20022, the international standard for financial messaging. This robust message standard offers multiple options for the originator to incorporate detailed remittance information with the payment. As real time payment adoption continues to rise, companies can explore new applications such as just-in-time supplier payments, complete real-estate transactions, and account to account money movement. Bank of America serves 94% of the Fortune 500 and 73% of the Global Fortune 500. Besides U.S. RTP network connectivity, these clients can take advantage of the full range of payment capabilities such as commercial card, ACH, wire and transactional FX solutions, in addition to the bank's own innovations, Recipient Select and Digital Disbursements. Bank of AmericaBank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC). For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts. Reporters may contact: Louise Hennessy, Bank of America Phone: View original content to download multimedia: SOURCE Bank of America Corporation Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
