MUFG Union Bank N.A. has revealed 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.
Instantaneous receipts provided by the RTP network strengthen 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.
Ranjana Clark, Head of Global Transaction Banking and Transaction Banking Americas, and Bay Area President commented: “Real-time payments offer our clients the payment processing speed to meet their business needs in a rapidly changing digital commerce environment.
“MUFG Union Bank is committed to supporting the movement toward real-time payments in the United States to enhance the client experience.”
The RTP network is the inaugural new core payments infrastructure formed 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The system enables instantaneous settlement and availability, so those funds can be used or withdrawn as cash within seconds.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.
Managing Director Ray Fattell, Head of Product, Innovation, and Risk Management also stated: “In addition to accelerating the speed and certainty of the transaction, real-time payments provides a standardised message format delivering extensive information throughout the full payment lifecycle. It is a completely new way of thinking about payments.
“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.”