February 25, 2021 at 9:00 AM Eastern
Early Warning Services, LLC and The Clearing House (TCH) today announced Zelle® transactions can now be cleared and settled over the RTP® network.
“Demand for faster payments has never been higher, and today’s integration milestone eliminates lengthy and costly legacy processes that have long been barriers to many real-time payment settlements between financial institutions,” said Lou Anne Alexander, chief product officer, Early Warning Services. “Our combined foundation will provide all financial institutions an easy solution for new and emerging business use cases, including bill pay.”
Bank of America and PNC Bank are the first to send Zelle payments over the RTP network, providing consumers and businesses a fully digital payment experience with improved efficiency by leveraging the emerging global ISO 20022 message standard. By sending Zelle payments over the RTP network, financial institutions can enable instant settlement and simpler back-office processing, improving efficiency and reducing costs.
“Bank of America and PNC Bank are trailblazing a path to integrated real-time payments capabilities that will soon benefit individual account holders and corporate customers,” said Steve Ledford, senior vice president of product strategy and development, The Clearing House. “The integration of Zelle payments over the RTP network means that financial institutions will soon realize the benefits of future technology synergies between the Zelle and RTP networks.”
Moving to a real-time bill presentment and payment experience will allow businesses to increase customer satisfaction and decrease cost of collections. In the future, when leveraging the two networks' combined capabilities, businesses can send bills electronically, reducing the amount spent on paper and postage while enhancing the customer service experience. By utilizing Zelle to request a payment, corporate customers will not need to store and transmit a customer’s bank account information, increasing the level of safety and security during a transaction.
"This is a great example of technology advancing the way we – and our clients – do business. Combining the speed of Zelle and the RTP network will create new powerful opportunities for companies to seamlessly and efficiently interact with consumers and small businesses,” said Chris Ward, executive vice president and head of product & operations, PNC Treasury Management. “Corporate customers will no longer need to collect bank account information. Instead, they can focus on transacting through the U.S. banking system with a customer’s email address or U.S. mobile number they use to enroll with Zelle.”
With these future advancements, consumers will benefit from full transparency and control of their digital payments, including immediate insight into account balances and real-time payment confirmations.
“This effort continues to advance the speed, security, and efficiency of payments for consumers,” said Mark Monaco, head of enterprise payments at Bank of America. “The powerful combination of Zelle along with the robust messaging and settlement capabilities of the RTP network will help consumers better manage their money and reduce the potential for late payments by giving them more control over the timing of payments and the immediate confirmation of receipt. We’re pleased to partner in these important innovations to improve the payments system.”
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,700 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,400 business centers; approximately 17,000 ATMs; and award-winning digital banking with approximately 39 million active users, including approximately 31 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Early Warning Services, LLC, is a fintech company owned by seven of the country’s largest banks. For almost three decades, our identity, authentication and payment solutions have been empowering financial institutions to make confident decisions, enable payments and mitigate fraud. Today, Early Warning is best known as the owner and operator of the Zelle Network®, a financial services network focused on transforming payment experiences. The combination of Early Warning’s risk and payment solutions enable the financial services industry to move money fast, safe and easy, so people can live their best financial lives. To learn more about Early Warning, visit www.earlywarning.com
PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com
The Clearing House operates U.S-based payments networks that clear and settle more than $2 trillion each day through wire, ACH, check image, and the RTP® network. It is the nation’s most experienced payments company, with a long track record of providing secure and reliable systems, payments innovation, and strategic thought leadership to financial institutions. Most recently, The Clearing House has revolutionized U.S. payments infrastructure with the RTP network, which supports the immediate clearing and settlement of payments, along with the ability to exchange related payment information across the same secure channel. These RTP capabilities enable all financial institutions to offer safer, faster, and smarter digital transaction services for their corporate and retail customers. Learn more at www.theclearinghouse.org.
Greg MacSweeney, The Clearing House
Phone: 1.212.612.9282
greg.macsweeney@theclearinghouse.org
Meghan Fintland, Early Warning
Phone: 1.925.785.9192
Meghan.Fintland@earlywarning.com
February 25, 2021 at 9:00 AM Eastern
Early Warning Services, LLC and The Clearing House (TCH) today announced Zelle® transactions can now be cleared and settled over the RTP® network.
“Demand for faster payments has never been higher, and today’s integration milestone eliminates lengthy and costly legacy processes that have long been barriers to many real-time payment settlements between financial institutions,” said Lou Anne Alexander, chief product officer, Early Warning Services. “Our combined foundation will provide all financial institutions an easy solution for new and emerging business use cases, including bill pay.”
Bank of America and PNC Bank are the first to send Zelle payments over the RTP network, providing consumers and businesses a fully digital payment experience with improved efficiency by leveraging the emerging global ISO 20022 message standard. By sending Zelle payments over the RTP network, financial institutions can enable instant settlement and simpler back-office processing, improving efficiency and reducing costs.
“Bank of America and PNC Bank are trailblazing a path to integrated real-time payments capabilities that will soon benefit individual account holders and corporate customers,” said Steve Ledford, senior vice president of product strategy and development, The Clearing House. “The integration of Zelle payments over the RTP network means that financial institutions will soon realize the benefits of future technology synergies between the Zelle and RTP networks.”
Moving to a real-time bill presentment and payment experience will allow businesses to increase customer satisfaction and decrease cost of collections. In the future, when leveraging the two networks' combined capabilities, businesses can send bills electronically, reducing the amount spent on paper and postage while enhancing the customer service experience. By utilizing Zelle to request a payment, corporate customers will not need to store and transmit a customer’s bank account information, increasing the level of safety and security during a transaction.
"This is a great example of technology advancing the way we – and our clients – do business. Combining the speed of Zelle and the RTP network will create new powerful opportunities for companies to seamlessly and efficiently interact with consumers and small businesses,” said Chris Ward, executive vice president and head of product & operations, PNC Treasury Management. “Corporate customers will no longer need to collect bank account information. Instead, they can focus on transacting through the U.S. banking system with a customer’s email address or U.S. mobile number they use to enroll with Zelle.”
With these future advancements, consumers will benefit from full transparency and control of their digital payments, including immediate insight into account balances and real-time payment confirmations.
“This effort continues to advance the speed, security, and efficiency of payments for consumers,” said Mark Monaco, head of enterprise payments at Bank of America. “The powerful combination of Zelle along with the robust messaging and settlement capabilities of the RTP network will help consumers better manage their money and reduce the potential for late payments by giving them more control over the timing of payments and the immediate confirmation of receipt. We’re pleased to partner in these important innovations to improve the payments system.”
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,700 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,400 business centers; approximately 17,000 ATMs; and award-winning digital banking with approximately 39 million active users, including approximately 31 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Early Warning Services, LLC, is a fintech company owned by seven of the country’s largest banks. For almost three decades, our identity, authentication and payment solutions have been empowering financial institutions to make confident decisions, enable payments and mitigate fraud. Today, Early Warning is best known as the owner and operator of the Zelle Network®, a financial services network focused on transforming payment experiences. The combination of Early Warning’s risk and payment solutions enable the financial services industry to move money fast, safe and easy, so people can live their best financial lives. To learn more about Early Warning, visit www.earlywarning.com
PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com
The Clearing House operates U.S-based payments networks that clear and settle more than $2 trillion each day through wire, ACH, check image, and the RTP® network. It is the nation’s most experienced payments company, with a long track record of providing secure and reliable systems, payments innovation, and strategic thought leadership to financial institutions. Most recently, The Clearing House has revolutionized U.S. payments infrastructure with the RTP network, which supports the immediate clearing and settlement of payments, along with the ability to exchange related payment information across the same secure channel. These RTP capabilities enable all financial institutions to offer safer, faster, and smarter digital transaction services for their corporate and retail customers. Learn more at www.theclearinghouse.org.
Greg MacSweeney, The Clearing House
Phone: 1.212.612.9282
greg.macsweeney@theclearinghouse.org
Meghan Fintland, Early Warning
Phone: 1.925.785.9192
Meghan.Fintland@earlywarning.com
.jpg/_jcr_content/renditions/original){kind=logo}
Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.
This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation, offer or solicitation for the purchase or sale of any security, financial instrument, or strategy. Before acting on any information in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.
Content contained herein may have been produced by an outside party that is not affiliated with Bank of America or any of its affiliates (Bank of America). Opinions or ideas expressed are not necessarily those of Bank of America nor do they reflect their views or endorsement. These materials are for informational purposes only. Bank of America does not assume liability for any loss or damage resulting from anyone's reliance on the information provided. Certain links may direct you away from Bank of America to an unaffiliated site. Bank of America has not been involved in the preparation of the content supplied at the unaffiliated sites and does not guarantee or assume any responsibility for its content. When you visit these sites, you are agreeing to all of their terms of use, including their privacy and security policies.
Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “ MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.
Trust and fiduciary services are provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC, and a wholly-owned subsidiary of Bank of America Corporation (“BofA Corp.”). Insurance and annuity products are offered through Merrill Lynch Life Agency Inc. (“MLLA”), a licensed insurance agency and wholly-owned subsidiary of BofA Corp.
Investment products offered through MLPF&S and insurance and annuity products offered through MLLA:
| Are Not FDIC Insured | Are Not Bank Guaranteed | May Lose Value |
| Are Not Deposits | Are Not Insured by Any Governmental Agency | Are Not a Condition to Any Banking Service or Activity |
Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation (BofA Corp.).
"Bank of America" is the marketing name for the global banking and global markets business of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, BofA Securities, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. is registered as a futures commission merchant with the CFTC and is a member of the NFA.
Company goals are aspirational and not guarantees or promises that all goals will be met. Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards.
Bank of America, N.A. Member FDIC. Equal Housing Lender
© 2024 Bank of America Corporation. All rights reserved.
.jpg/_jcr_content/renditions/original){kind=logo}
