HSBC Bank has introduced real-time payments capabilities on the RTP network to enable businesses to send and receive funds instantly.

Since July this year, the bank’s business and institutional clients have been able to get real-time payments. The latest move will allow sending of payments in real time.

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The RTP network was developed by The Clearing House (TCH). The network transfers US currency in real time between accounts at any US depository institution on the network.

HSBC has been using the network to provide various payments capabilities, including cash management, instant payroll delivery and customer refunds.

In addition, the bank’s individual customers can receive payments on the RTP network.

HSBC head of Global Liquidity and Cash Management for the US and Canada Drew Douglas said: “Our US customers from individual checking account holders to multinational corporations are now able to receive payments at the speed of modern life.

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“Now, our US business clients can send RTP payments, and our retail customers soon will be able to do the same.”

The bank expects to complete the launch of capabilities for its consumer customers to send payments on the RTP network early next year.

RTP network, which was introduced in 2017, currently reaches over 51% of the demand deposit accounts in the US.

HSBC noted that there are 46 live real time payment networks and 18 more in discussion or development, to date. The bank is working to boost real-time payments in multiple countries, including the US.