Avidia Bank announced that it has committed to bringing real-time payments capabilities to its customers through the RTP® network developed by The Clearing House (TCH). With the RTP network, Avidia Bank will deliver to its customers the most modern payments infrastructure in the world, enabling consumers and businesses to send, clear, and settle payments immediately while also providing for advanced messaging capabilities.
The RTP network is the first new core payments infrastructure built in the United States in over 40 years and is delivering a wave of payments innovation to benefit customers nationwide. The system delivers, for the first time, 24/7/365 clearing and interbank settlement, including the real-time movement of money between participating financial institutions. By implementing the RTP network, Avidia Bank joins a growing number of financial institutions offering advanced new capabilities to their customers. The RTP network currently reaches more than 50% of U.S. demand deposit accounts and is on track to achieve ubiquity in 2020.
“Our customers and Fintech Partners need financial technology tools that align with their personal and business needs. Providing real-time payments is an important step for us, allowing us to deliver important new functionality to our customers,” said Robert Conery, COO, EVP, Avidia Bank. “Avidia Bank has strategically committed to providing Payment Services comprised of innovative solutions. As existing payment channels evolve and access to faster payment alternatives become ubiquitous in the digital era, we shall leverage this opportunity by partnering with TCH to provide products to both local and national markets.”
“The Clearing House is excited to partner with Avidia Bank and to work with them to bring faster payments to their customers,” said Jim Aramanda, CEO of The Clearing House. “Years of research and development have allowed us to launch a product that can be implemented by all financial institutions, allowing great banks like Avidia Bank to provide new levels of speed and efficiency in transactions that will significantly benefit their customers.”
About Avidia Bank
Avidia Bank is located in Hudson, Massachusetts with $1.6 billion in Total Assets. Avidia Bank provides award winning Payment Services and received the 2019 FIS Impact Award. Besides meeting the needs of their local market, Avidia Bank is known for partnering with industry leading Fintechs who have received like kind recognition for providing innovative payment solutions.
About The Clearing House
Since its founding in 1853, The Clearing House has delivered safe and reliable payments systems, facilitated bank-led payments innovation, and provided thought leadership on strategic payments issues. The Clearing House continues to leverage its unique capabilities to support bank-led innovation, including launching the RTP® network, a real-time payment system that modernizes core payments capabilities for all federally-insured U.S. depository institutions. The Clearing House is the only private-sector ACH and wire operator in the United States, clearing and settling nearly $2 trillion in U.S. dollar payments each day, representing half of all commercial ACH and wire volume. As the country’s oldest banking trade association, The Clearing House also provides informed advocacy and thought leadership on critical payments-related issues facing financial institutions today. The Clearing House is owned by 24 financial institutions and supports hundreds of banks and credit unions through its core systems and related services. Learn more at www.theclearinghouse.org.
