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 The network enables instantaneous settlement and availability, so funds can be used or withdrawn as cash within seconds.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.