RTP Network’s Principles Informed by Community Bank Feedback

The Clearing House today released a set of eight “business principles” that will govern the operation of its RTP network, a new real-time core payments system. The principles—which TCH said were informed by input from community banks, credit unions and corporate end users—emphasize openness, accessibility and transparency.

For example, they make clear that RTP is open to every federally insured U.S. depository institution; that RTP operates as an industry utility with flat fees for all participants; that rules and specifications will be publicly available; and that all major decisions about RTP will be disclosed to relevant stakeholders. These principles will apply as long as RTP is the only provider of real-time clearing and interbank settlement, TCH said.

TCH also announced that it will add four seats for community bankers and credit union personnel to the RTP business committee. “The RTP network was built for financial institutions of all sizes,” said TCH President and CEO Jim Aramanda. “Having four new financial institutions at the table representing system users of different sizes will help ensure that the network fully incorporates the needs of all users as real-time payments become universally available throughout the country.”