MUFG Union Bank N.A. today announced that receipt of real-time payments is available for its corporate, retail, and small business clients via the RTP® network, operated by The Clearing House. The RTP network provides instantaneous receipt of payments, which increases payment certainty and funds availability, with funds immediately available for use. Real-time payments enable MUFG Union Bank clients to improve cash flow, manage working capital, and streamline processes.
“Real-time payments offer our clients the payment processing speed to meet their business needs in a rapidly changing digital commerce environment,” said Ranjana Clark, Head of Global Transaction Banking and Transaction Banking Americas, and Bay Area President. “MUFG Union Bank is committed to supporting our clients' movement toward real-time payments in the United States to enhance their experience.
The RTP network is the first new core payments infrastructure built in the U.S. in more than 40 years and gives the banking industry a modern platform for domestic payments, complete with rich data capabilities and immediate payment confirmation. The system enables instantaneous settlement and availability, so those funds can be used or withdrawn as cash within seconds. With receipt of real-time payments, businesses will experience improved straight-through processing, automated reconciliation, fraud and risk reduction, rich data reporting and analytics capabilities, partnership integration, and reduced operational costs.
“In addition to accelerating the speed and certainty of the transaction, real-time payments provide a standardized message format delivering extensive information throughout the full payment lifecycle. It is a completely new way of thinking about payments,” said Managing Director Ray Fattell, Head of Product, Innovation, and Risk Management, Transaction Banking Americas. “We are committed to providing innovative product solutions, utilizing the latest technology, so that CFOs and treasury managers can optimize their business processes to achieve their objectives.
“MUFG Union Bank’s customers can enjoy the benefits of immediate funds availability now that they can receive real-time payments over the RTP network,” says Jim Colassano, Senior Vice President of RTP Product Strategy and Development, The Clearing House. “We are very excited that MUFG Union Bank has joined the real-time payments revolution.”