Wells Fargo, HSBC roll out real-time payments through The Clearing House
Wells Fargo announced that its corporate customers can now send real-time payments through The Clearing House's RTP network, about a year after it launched similar capabilities for wholesale and retail customers to send payments at the end of 2018.
The Wells Fargo application programming interface, or API, allows users to send real-time payments from their enterprise software or treasury workstation.
"Our customers want the ability to make immediate payments and receive timely confirmations to run their businesses more efficiently," Danny Pelz, head of treasury, merchant and payment solutions at Wells Fargo, said in a press release. "The ability to send transactions on the RTP network gives our customers yet another option for moving money when and how they want."
The announcement comes just a day after HSBC Bank USA announced the launch of its own real-time payment capabilities through The Clearing House. The rollout is scheduled to be completed by early 2020.