The Clearing House connects 15 credit unions to RTP network with Jack Henry
The Clearing House (TCH) has announced that 15 credit unions have joined its real-time payments network via the Jack Henry & Associates JHA PayCenter solution.
TCH’s RTP network has been designed to enable financial institutions to clear and settle real-time customer and business payments, up to a limit of $25,000. It has been described as the first new payments infrastructure project in the US for 40 years.
RTP connects “over 50%” of demand deposit accounts (DDA) in the US, and TCH claims that it is the only US-based faster payment scheme on the path to ubiquity.
All the 15 institutions joining the RTP network are existing Jack Henry customers. Each will utilise the “single integration point” PayCenter offers for connection, while Jack Henry expects that it will be moving more of its clients to RTP in the future.
“These initial institutions represent the first wave of banks and credit unions that will join the RTP network through Jack Henry,” says Russ Waterhouse, executive vice president of product strategy and development at The Clearing House.
“We are excited that Pegasus Bank and the other financial institutions will be joining the RTP network to offer customers faster access to their money and all the benefits of real-time payments.”
Greg Adelson, vice president of Jack Henry & Associates, and general manager of JHA payments, adds: “We are strategically focused on providing modern payment solutions that help financial institutions of all sizes and charters deliver secure, convenient payment experiences.
“We look forward to partnering with Pegasus Bank and many other institutions as they continue to modernise their payment channels and meet the growing demand for real-time payments.”
Cloud core banking firm Finxact signed a partnership with TCH this week, also implementing connection to the RTP network.