Real-Time Payments (RTP): Simplify Your Transactions

With real-time payments, you can simplify your transactions and achieve immediate results. Whether you're a business owner or an individual, real-time payments offer a convenient and efficient way to receive money. Unlike traditional payment methods that often require several days for processing, real-time payments offer a seamless and efficient way to receive money 24/7, 365. RTP also enhances transaction speed, ensuring that funds are available immediately, beneficial in situations that require urgent payments, such as emergency expenses or time-sensitive business transactions.

  • Enhanced Security

    Real-time payments incorporate robust security measures, reducing the risk of fraud and unauthorized transactions.

  • Improved Cash Flow

    Businesses can benefit from faster payments, ensuring a healthier cash flow and reducing the risk of late payments.

  • Speed and Convenience

    Real-time payments eliminate the need for waiting periods or delays, allowing for instant transactions and access to funds.

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Where Can You Use Real-Time Payments?

Real-time payments have gained widespread adoption across various industries and sectors, revolutionizing the way businesses and individuals conduct transactions. Examples of where RTP can be used include:

real-time payments business to business

Business-to-Business

Businesses can offer their customers the convenience and security of real-time payments.

real-time payments merchant processing

Merchant Funding

With real-time payments, businesses can receive instant funds from their merchant processing account without the need for delays - even over the weekend.

real-time payments bank payment solutions

Bank Payment Solutions

Banks use real-time payments to provide faster fund transfers, for immediate access.

real-time payments digital wallet

Digital Wallet Money Movement

RTP offers a convenient solution that allows customers to transfer digital wallet funds to accounts instantaneously.

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Real-Time Payment FAQs

  • Real-Time Payments over the RTP-The Clearing House Network provide TowneBank consumer and business members the ability to immediately receive Real-Time Payments from accounts at external financial institutions anytime, 24/7/365, delivering real-time access to funds within seconds. Real-Time Payments are often referred to as Instant Payments. The benefits of a Real-Time Payment on the RTP network are:
    • Convenience: The RTP Network is live and operates 24/7 with no cut off times, which allows TowneBank members to receive payments around the clock including weekends and holidays.
    • Immediate Availability: Recipients receive the payment within seconds of the sending bank initiating the transaction. TowneBank will make the funds available immediately, except where necessary for risk management or legal compliance purposes.
    • Payment Certainty: Sending financial institutions are not able to revoke or recall a payment once it has been authorized and submitted to the RTP Network. However, there is a process to facilitate communication between the associate financial institutions around return of funds sent in error.
  • RTP payments cannot be canceled or amended once they have been authorized and submitted to the RTP network. The sender can request that the funds be returned, however the payee is not required to return the funds, even if, the incorrect amount is entered, the payment is sent to the wrong payee, or did not receive the goods/services from the payee as expected.
  • No. The RTP Network is designed to support financial needs across all segments (P2P, B2B, B2C, C2B, A2A, G2C, C2G, etc.) Consumers, Businesses, & Government accounts can use the RTP Network.
  • No. RTP payments clear and settle individually in real time with immediate finality. Same day ACH payments are processed in batches and settle after the payments finally clear. RTP payments can be transmitted any time for immediate settlement, whereas same day ACH batch must be submitted within specified timeframes to meet desired same day settlement deadlines.
  • All TowneBank members with an active demand deposit or savings account are automatically eligible to receive instant payments. No additional enrollment is necessary. Consumer, Business, and Government accounts are eligible to receive RTPs.
  • No. Currently, TowneBank is a network participant with receive payment capabilities only.
  • Payments sent to a closed account are systematically rejected and cannot be redirected.
  • Real-Time Payments will be uniquely identified as Real-Time Payments (RTP) in Online Banking, Paper Statements, and Electronic Statements.
  • Any institution participating in the RTP-The Clearing House Network. TowneBank is a network participant with receive payment capabilities. At this time, TowneBank members cannot send Real-Time Payments to other institutions from their TowneBank account.
  • Unlike other payment forms, Real-Time Payments are not batch payment options, so they process domestic only transactions individually and continuously, 24/7/365. Traditional payments can take days to settle; instant payments are faster and more transparent than traditional payments due to immediate availability. RTPs are credit only transactions and provide businesses end-to-end simplification by delivering immediate availability, instant confirmation, and settlement finality.