PayFi and The Clearing House Partner to Enable the RTP® Network for Community Banks, Driving Real-Time Payments in the U.S.

PayFi will utilize its Branch99TM Real-Time Platform to connect the first Community Bank, Avidia Bank, to The Clearing House’s RTP® Network


NEW YORK, June 04, 2019 (GLOBE NEWSWIRE) -- PayFi announced today it has committed to bringing real-time payments capabilities to community banks on PayFi’s Branch99TM Real-Time Platform. PayFi will accelerate community banks’ participation in real-time payments on the RTP® network developed by The Clearing House (TCH).

“We are in the middle of an unprecedented disruption in the banking and payments industries,” said PayFi’s Head of Growth Peter Gordon, “The recent announcement of Avidia Bank being the first community bank to commit to joining the RTP network through PayFi’s Branch99TM Real-Time Platform furthers our commitment to community and regional banks. The ISO 20022 messaging functionality on the RTP network provides banks of all sizes with rich messaging capabilities to enable conversational commerce, allowing banks to continue to build strong relationships with their customers.”

The RTP network is the first new core payments infrastructure built in the U.S. in more than 40 years. The network is the first to deliver 24/7 clearing and interbank settlement, including the real-time movement of money and enriched data between participating financial institutions. The RTP network offers a suite of available use cases and extensive level of data accompanying each RTP transaction. The RTP network currently reaches more than 50% of U.S. accounts for real-time payment receipt and is on track to reach near ubiquity in 2020.

“The Clearing House is excited to partner with PayFi and to work with them to bring real-time payments to their clients,” said Steve Ledford, Senior Vice President and RTP Product Executive at TCH. “We are committed to providing real-time payments capabilities on the RTP network to all U.S. depository institutions. PayFi’s community and regional bank clients will be able to provide new levels of speed and efficiency in transactions on the RTP network that will ultimately benefit their customers.”

PayFi is a real-time payment processor and professional services firm focused on accelerating the adoption of real-time payments and relationship banking for community banks. PayFi is positioned to empower banks to define and deliver payments strategies and enable next-generation payment features including enhanced speed, security, and robust ISO 20022 messaging capabilities on PayFi’s Branch99TM Real-Time Platform through simple APIs.

About PayFi
PayFi formerly Push Payments provides banks and businesses with a market leading single Banking-As-A-Service processing platform, alternative payment methods and the ability to move money in real-time between accounts. PayFi products include; Instant Merchant Settlement (IMS), RailStorm API, SwitchZero and Branch99TM Real-Time Platform.

About The Clearing House
Since its founding in 1853, The Clearing House has delivered safe and reliable payments systems, facilitated bank-led payments innovation, and provided thought leadership on strategic payments issues. The Clearing House continues to leverage its unique capabilities to support bank-led innovation, including launching the RTP® network, a real-time payment system that modernizes core payments capabilities for all federally-insured U.S. depository institutions. The Clearing House is the only private-sector ACH and wire operator in the United States, clearing and settling nearly $2 trillion in U.S. dollar payments each day, representing half of all commercial ACH and wire volume. As the country’s oldest banking trade association, The Clearing House also provides informed advocacy and thought leadership on critical payments-related issues facing financial institutions today. The Clearing House is owned by 24 financial institutions and supports hundreds of banks and credit unions through its core systems and related services. Learn more at www.theclearinghouse.org.

PayFi Contact: Peter Gordon pgordon@payfi.io