MUFG Union Bank N.A. announced on Thursday receipt of real-time payments is available for its corporate, commercial, and retail clients via the RTP network. The RTP network, which is operated by The Clearing House, notably provides instantaneous receipt of payments that increases payment certainty and funds availability, with funds immediately available for use. Real-time payments also enable MUFG Union Bank clients to improve cash flow, manage working capital, and streamline processes.
MUFG claims the RTP network is the first new core payment infrastructure built in the U.S. in more than 40 years and gives the banking industry a modern platform for domestic payments, complete with data capabilities and immediate payment confirmation.
“The system enables instantaneous settlement and availability, so those funds can be used or withdrawn as cash within seconds. With receipt of real-time payments, businesses will experience improved straight-through processing, automated reconciliation, fraud and risk reduction, rich data reporting and analytics capabilities, partnership integration, and reduced operational costs.”
Managing Director, Ray Fattell, stated that in addition to accelerating the speed and transaction certainty, real-time payments provides a standardized message format delivering extensive information throughout a full payment lifecycle.
“It is a completely new way of thinking about payments. We are committed to providing innovative product solutions, utilizing the latest technology, so that CFOs and treasury managers can optimize their business processes to achieve their objectives.”
Jim Colassano, Senior Vice President of RTP Product Strategy and Development of The Clearing House, then added:
“MUFG Union Bank’s customers can enjoy the benefits of immediate funds availability now that they can receive real-time payments over the RTP network. We are very excited that MUFG Union Bank has joined the real-time payments revolution.”