The Clearing House adds Chesapeake Bank to its RTP network

Source: IBS Intelligence 2020-06-22

Chesapeake Bank, a community bank serving central and eastern Virginia has announced that the bank has joined the RTP network developed by The Clearing House. With the RTP network, Chesapeake Bank customers can now receive instant payments directly into their accounts with real-time receipt confirmation, while also providing for advanced messaging capabilities.

The RTP network from The Clearing House is a real-time payments platform that all federally insured U.S. depository institutions are eligible to use for payments innovation. Its capabilities are being used by financial institutions of all sizes to create or enhance digital services for their corporate and retail customers. The platform gives the banking industry a modern platform for domestic payments. The system enables instant settlement and availability, allowing usage and cash withdrawal easy.

“Our customers need financial technology tools that align with their personal and business needs. Supporting real-time payments through the RTP network is an important step for us, allowing us to deliver new functionality to our customers, and improve their banking experience. We are proud to be an early adopter of the RTP network, which demonstrates our commitment to be at the forefront of technology and payments and allows Chesapeake Bank to continue the meet our customers’ needs now and in the future,” said DJ Seeterlin, Chief Information Officer at Chesapeake Bank.

By implementing the RTP network, Chesapeake Bank is joining a growing number of financial institutions offering advanced capabilities to their customers.

Recently, Corporate One Federal Credit Union became RTP Network certified.

“Our customers need financial technology tools that align with their personal and business needs. Supporting real-time payments through the RTP network is an important step for us, allowing us to deliver new functionality to our customers, and improve their banking experience. We are proud to be an early adopter of the RTP network, which demonstrates our commitment to be at the forefront of technology and payments and allows Chesapeake Bank to continue the meet our customers’ needs now and in the future,”’ said DJ Seeterlin, Chief Information Officer at Chesapeake Bank.

Established since 1853, The Clearing House is a banking association and payments company owned by the largest commercial banks. According to company data, RTP network currently reaches 53% of U.S. demand deposit accounts, and about 30 financial institutions are live on the network. It offers a flat pricing structure for all depository institutions and does not include volume discounts or have minimum volume requirements.

Chesapeake Bank

The Clearing House

The Clearing House adds Chesapeake Bank to its RTP network

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