PNC Live on New Real-Time Payments Network using Finastra
December 5, 2017 By: Payment Week
London, UK, and Toronto, Canada, 5 December 2017 — PNC, a top-10 US bank by assets, is live on RTP®, The Clearing House’s new US real-time payments system, using Finastra’s payment services hub, Fusion Payments. The bank, an early adopter of RTP, now gives its clients the ability to receive real-time payments transactions.
PNC already uses Fusion Payments (formerly Global PAYplus) for wire payment processing and has expanded its service to include real-time payments to meet market demand for faster payment solutions. Integrating RTP enables the bank to provide its clients with the speed, certainty and irrevocability of real-time payments, which are now available in the United States.
“RTP enables PNC to bring a new, leading-edge solution to market as the economy becomes increasingly digital,” said Christopher Ward, EVP and Head of Treasury Management Product Management at PNC. “The ability to make an immediate payment at any time, on any day of the week, with a real-time confirmation of the payment significantly transforms the way businesses and consumers make payments in the United States. Emerging technologies such as RTP are creating opportunities for banks and clients to re-imagine our business models. At PNC, we are investing in the latest technologies and infrastructure to bring modern digital experiences and fresh product solutions that are aligned with our clients’ business priorities.”
“Solution providers such as Finastra are playing an important role in enabling early adopters like PNC to provide new products and services, including real-time payments connectivity, to their customers,” said Steve Ledford, SVP of Product and Strategy at The Clearing House.
“PNC has positioned itself at the forefront of US real-time payments as an early adopter, enabling its clients to enjoy the benefits of real-time payments immediately with the launch of RTP,” said Simon Paris, Deputy Chief Executive Officer, Finastra. “We’re helping banks like PNC make real-time payments a reality, so that they and their clients can more effortlessly embrace the digital future.”
“In the United States, real-time payments are being driven by market forces and user demand for real-time services,” said Erika Baumann, Senior Wholesale Banking Analyst, Aite Group. “Early adopters like PNC are leading the way in bringing the benefits of real-time payments to their business and consumer customers. Payment vendors such as Finastra have considerable experience in implementing real-time payments solutions and can be great resources for banks that seek to become early adopters of real-time payments capabilities.”
PNC will join Finastra on a panel titled “Real-time Payments: They’re Finally Here!” to discuss how banks are leveraging real-time payments to deliver customer value today at Finastra Universe New York, the company’s flagship thought leadership conference in the Americas.
The PNC Financial Services Group, Inc. (NYSE: PNC) is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
Finastra unlocks the potential of people and businesses in finance, creating a platform for open innovation. Formed in 2017 by the combination of Misys and D+H, we provide the broadest portfolio of financial services software in the world today—spanning retail banking, transaction banking, lending, and treasury and capital markets. Our solutions enable customers to deploy mission critical technology on premises or in the cloud. Our scale and geographical reach means that we can serve customers effectively, regardless of their size or geographic location—from global financial institutions, to community banks and credit unions. Through our open, secure and reliable solutions, customers are empowered to accelerate growth, optimize cost, mitigate risk and continually evolve to meet the changing needs of their customers. 48 of the world’s top 50 banks use Finastra technology. Please visit www.finastra.com.