Wells Fargo’s corporate customers can now send real-time payments through the RTP network via an API. The result is the immediate transfer of money and expansion of Wells Fargo’s faster payments service.
Wells Fargo previously introduced capabilities for retail and wholesale customers to receive payments over the RTP network in late 2018.
The API is available through Wells Fargo Gateway, the bank’s open banking channel. Specifically, it allows corporate banking customers to integrate Wells Fargo products, services, and information into their own digital environments.
“Our customers want the ability to make immediate payments and receive timely confirmations to run their businesses more efficiently.
“The ability to send transactions on the RTP network gives our customers yet another option for moving money when and how they want,” says Danny Peltz, head of Treasury, Merchant and Payment Solution, Wells Fargo.
Wells Fargo’s API for the RTP network allows corporate customers to send payments directly from their enterprise software or treasury workstations. This means that they can benefit from the platform’s speed and immediate posting to help optimise cash flow.
The Clearing House, a banking association and payments company owned by 24 US commercial banks, developed the RTP network.
More than 51% and rising of US accounts are able to receive RTP payments.
“The ability to send payments on the RTP network allows Wells Fargo’s customers to experience the benefits and certainty of immediate funds availability and transaction confirmations,” says Steve Ledford, SVP, Product Strategy and Development, The Clearing House.