Bank of Newport First Client Of Instant Payments Program
June 30, 2020
Earlier this month, COCC officially went live on the RTP network, the real-time payments network from The Clearing House. BankNewport, headquartered in Newport, Rhode Island, is COCC’s first client live on the RTP network. With this access, BankNewport customers can receive payments and messages instantly via the RTP network.
“We are excited to gain our clients access to the RTP network,” said Richard Leone, CEO at COCC, which is based in Southington, Connecticut. “This allows us to position our clients to act on the emerging payments technology that lies ahead.”
“We are appreciative to COCC and The Clearing House for the opportunity to introduce our customers to the benefits of real-time payments,” said John Sullivan, executive vice president, director of digital & technology strategy at BankNewport. “We are confident this partnership will provide us with a solid foundation in the dynamic landscape of payments.”
The Clearing House’s RTP network is the first new payment infrastructure in nearly 40 years. By implementing now, COCC clients will have access to receive payments through the network, receiving funds from sending institutions instantaneously 24/7/365. They will also be poised to take advantage of future applications and payment capabilities on the RTP network.
The system enables instant settlement and availability, so those funds can be used or withdrawn as cash within seconds. The RTP network currently reaches 53% of U.S. demand deposit accounts, offers a flat pricing structure for all depository institutions regardless of size, and does not include volume discounts or have minimum volume requirements. 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 the RTP network.