US bank expands 24/7 capability beyond The Clearing House’s RTP network, adding dual-rail reach for urgent disbursements
PNC Bank has joined the Federal Reserve’s FedNow Service, expanding its ability to send and receive instant payments around the clock and broadening options for corporate clients beyond The Clearing House’s RTP network, where PNC is a founding member.
In a statement on October 21, the bank said the move strengthens its immediate payments offering for use cases from emergency payroll to gig-economy payouts.
“PNC Treasury Management has seen firsthand the transformative value immediate payments solutions can bring to organizations,” said Sarah Billings, executive vice president and head of Global Payments for PNC Bank.
“Business models today are enabled by immediate payments, and we are committed to supporting the growth of the payments ecosystem across the US. By joining the FedNow payments network, we are driving value for clients.”
The Federal Reserve welcomed the bank’s participation. “Financial institutions like PNC Bank are accelerating the momentum behind instant payments and highlighting the transformative value they bring to businesses and consumers,” said Mark Gould, chief payments executive for Federal Reserve Financial Services.
“Through joining the FedNow Service, PNC Bank helps strengthen our collective ability to deliver immediate and efficient payment solutions across the US.”
Launched in 2023, FedNow provides real-time clearing and settlement for participating US financial institutions, operating 24/7 throughout the year. The network is in the process of raising its transaction limit to $10 million in November, widening the addressable set of higher-value B2B flows that corporates may wish to move instantly.
PNC said the announcement builds on an existing portfolio of payment options for businesses, including payables and receivables services, Real Time Payments via the RTP network, Zelle disbursements, Direct to Debit Card, and proprietary tools such as Intelligent Routing and ePayments.
The bank emphasised embedded finance integrations and authenticated APIs that allow clients to initiate multiple payment types directly from internal systems, aiming to streamline workflows and reduce operational costs.
Immediate payments have grown steadily since the introduction of the RTP network in 2017 and FedNow’s launch in 2023, with adoption driven by time-critical disbursements such as earned wage access, insurance and loan pay-outs, and marketplace or gig-worker settlements. PNC framed the update as part of a longer-term investment in its treasury platform, saying it will continue to support clients seeking to optimise working capital while achieving faster and more secure transactions.
