PNC Upgrades its Payment Network With Finastra

December 7, 2017         By: Steven Anderson

The first-mover advantage often comes with substantial benefit in dealing with customers, improving relations with suppliers, or just keeping competitors out of a certain market. One of the largest banks by assets in the United States, PNC, is discovering that much for itself now that it’s an early adopter of RTP, the real-time payments network of The Clearing House and Finastra’s own payment services hub, Fusion Payments.

PNC has been using Fusion Payments for some time now, mainly for wire payments, but now it’s expanding that operation to include real-time payments as well. The market has increasingly demanded a faster payments solution, and now PNC can offer such a service.

Better yet, PNC recently contributed to a panel discussion as part of Finastra’s Finastra Universe New York event in which it discussed the value of real-time payments systems, and how what it offers is meeting customer demands with that value.

PNC’s executive vice president and head of treasury management product management Christopher Ward commented “RTP enables PNC to bring a new, leading-edge solution to market as the economy becomes increasingly digital. 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.”

There’s no doubt about it; everyone wants more speed when it comes to just about anything these days. Faster payments, faster banking, faster lines at the drive-thru, faster delivery to the home. We want a sped-up life, for any of a variety of reasons. Speeding up the payments process, as PNC is doing, should draw some users into its fold thanks to meeting that desire for increased speed of operations.

Additionally, it also keeps the current fold in place, and limits the competition’s ability to get ahead on the strength of faster payments. When everyone’s payment processing system is fast, after all, no one’s really is. PNC’s got the lead right now, but how long will it keep it?