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Introducing RTP Support for US-based Payees

Introducing RTP Support for US-based Payees

Last week we introduced support for Zelle as a payout option our customers and their US-based payees. 

This week we're pleased to introduce support for RTP, or Real-Time Payments for our customers and their US-based Payees.

So, What Exactly is RTP?

In the simplest terms, RTP is a payment system that allows money to move from one bank account to another almost instantly. Imagine you want to send money to a friend, and instead of waiting hours or even days, your friend receives it within seconds. That's RTP for you!

When was RTP made available by the US government?

It's not widely known, but the RTP system was not initiated by the US government. The idea for RTP in the US was pioneered by The Clearing House (TCH), a financial institution. The Clearing House introduced the RTP system to the US in 2017. Since then, many banks and financial institutions have begun integrating this new system, making instant transfers a reality for many Americans.

It's taken a minute to gain widespread adoption, but that time is now.

Why Are We Embracing RTP?

  1. Convenience: We believe in offering the widest choice of payout options for our customers and their payees. With RTP, your payees can have immediate access to their funds, making it easier for them to manage their finances.

  2. Efficiency: Gone are the days when you'd have to wait for business hours or weekdays to access your payouts. RTP operates 24/7, so whether it's a Sunday evening or a public holiday, your payees' funds will reach them instantly.

  3. Safety: RTP isn't just about speed; it's also about security. With state-of-the-art fraud detection mechanisms, RTP and MassPay ensure that transactions are safe and secure.

What Does This Mean For You?

This means the world of instant transactions has just opened up for your US-based payees. Once your payees opt for RTP as their payout method:

  • Immediate Access to Funds: As soon as the payout is processed, the funds will be in your payees' accounts in real-time.
  • Flexibility: Payees can now manage, spend, or save their funds as soon as they get them. No waiting involved.
  • Peace of Mind: Knowing that their money will reach them instantly and securely provides the experience that matters most to you and your payees.

How to Set Up RTP as Your Payout Method?

If you're already nodding your head and thinking, "This sounds fantastic! How do I get started?", here are the easy steps to set up RTP as your preferred payout option:

  1. Log In to Your Account: Head over to the 'Payout Settings' section.
  2. Select RTP as Your Payout Method: You'll find it listed among the other options.
  3. Enter the Appropriate Account Information: This is where we'll send your payments.
  4. Save Your Changes: Voila! You're payout will be sent via RTP.

The addition of RTP to our platform provides our U.S.-based payees with yet another efficient, secure, and hassle-free payout method. We believe this will enhance your payees' experience and make transactions even smoother.

As always, our team is here to help.

If you have questions or need assistance, don't hesitate to reach out!

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