RALEIGH,
N.C., Sept. 10, 2024 /PRNewswire/ -- First
Citizens Bank today announced that its business and consumer
banking customers can now instantly receive secure payments in
their savings and checking accounts via a national instant payments
network called the RTP® network.
By joining the RTP network, First Citizens is enabling its
customers to receive payments in just seconds – far quicker than
alternative electronic payment channels such as ACH and wire
transfers. This instant payment capability is available to First
Citizens customers around-the-clock, seven days a week.
"In today's fast-paced financial environment, customers need and
appreciate the ability to receive money instantly without waiting
for clearance or other transaction delays," said Matt Ribbens, senior director of Treasury
Management Payment Products for First Citizens Bank. "With the RTP
network, if someone sends you money now, you get it now and you
have immediate access to use those funds for any financial
need."
"We are pleased that First Citizens' customers can now receive
instant payments and we are actively working on adding the ability
to send instant payments via the same RTP network as soon as next
year," he added.
The 24-hour availability of the RTP network outperforms other
electronic payment systems that have time-based cutoff
restrictions. Another feature of RTP is that payments can be
accompanied by electronic messages that carry details about the
transaction.
Potential uses for real-time payments are practically limitless.
Consumers, for example, can instantly transfer cash into their
First Citizens savings or checking accounts from other RTP-enabled
deposit sources, such as digital wallets or sports
betting accounts.
Business customers can also transfer in funds from outside
accounts for cash management and daily reconciliation purposes.
They can receive immediate payment for their goods or services,
helping improve cash flow. Some might even offer their customers a
discount for paying instantly via the RTP network.
The RTP network, developed by The Clearing House, is the first
new payments infrastructure built in the U.S. in more than 40 years
and is empowering financial institutions and businesses to
implement innovative, value-added use cases for faster payments.
The network enables instantaneous settlement and availability, so
funds can be used or withdrawn as cash within seconds.
Use of RTP network is free to First Citizens Bank consumer
banking customers. It is also free to business banking clients
during an introductory period, after which there will be a small
fee. Visit firstcitizens.com for more information on First
Citizens' new instant payments service.
About First Citizens Bank
First Citizens Bank
helps personal, business, commercial and wealth clients build
financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has
built a unique legacy of strength, stability and long-term thinking
that has spanned generations. First Citizens offers an array of
general banking services including a network of more than 500
branches and offices in 30 states; commercial banking expertise
delivering best-in-class lending, leasing and other financial
services coast to coast; innovation banking serving businesses at
every stage; and a nationwide direct bank. Parent company First
Citizens BancShares, Inc. (NASDAQ:
FCNCA) is a top 20 U.S. financial institution
with more than $200 billion in assets
and a member of the Fortune 500™. Discover more at
firstcitizens.com.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran2@firstcitizens.com
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SOURCE First Citizens Bank