The Clearing House, Jack Henry, FIS and Fiserv announced today that they will cover the cost for minority-owned depository institutions to join the RTP network. The companies said that by reducing the barriers to entry to join the RTP network, more institutions will be able to provide access to immediate payments for their customers and reduce the need for customers to use alternative banking services like check cashing or short-term borrowing.
Through the RTP network, MDI customers will have access to flexible, faster payments options that can help prevent missed payments and avoid late fees and penalties, among other things. Small businesses served by MDIs on the RTP network will have the ability to send and receive payments immediately, allowing them to pay workers or purchase inventory or supplies on the same day.
“Minority-owned banks and credit unions play a crucial role serving their communities and local small businesses, and the ability of these institutions to support real-time payments can help alleviate many cash-flow concerns for their customers,” said Clearing House, President and CEO, Jim Aramanda.
