21 Nov 2024 Jim Colassano of The Clearing House on the RTP Network, Instant Payments Use Cases, and Thanksgiving Favorites
episode
Off the Rails from the U.S. Faster Payments Council - FPC
31 min
1 speaker
4 chapters
transcribed 1 month ago
Transcript
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What is the main topic discussed in this episode?
Off the rails from the U.S. Faster Payments Messenger.
I'm Riga Dutanin, Executive Director of the US Faster Payments Council, and this is Off the Rails from the US Faster Payments Council, sponsored by Open Payment Network. Today I'm talking with Jim Colisano, SVP and Head of Business Project Management for the RTP Network at the Clearinghouse. Jim gives an update on the RTP network's growth, the value-added services that are top of mind for users and financial institutions, fraud, how usage and adoption will scale in the future, and of course, this being our Thanksgiving holiday edition, we're going to get Jim's opinions on some Thanksgiving menu items. And on that topic, the thing I'm most thankful for are the FPC's members and the listeners of this podcast, especially the listeners who take the time to share the show with their industry friends and colleagues.
Quick programming note, in December we're planning to do our two episodes on the first and third Thursdays instead of our usual second and fourth Thursdays to avoid the December holidays. And with that, let's get into that conversation with Jim.
All right, we're joined by Jim Colasano, SVP at the Clearinghouse. Jim, thanks for joining us.
Uh, thanks for having me, Reeds. Pleasure to be here.
All right. Um, I'm excited to have you back on the show. Uh, 'cause obviously we've had you on before, but I think this timing is great because you guys have a ton of numbers you can cover with our audience. So I think we should just start there. Um, so what are what are the key metrics people should be aware of in terms of usage and adoption and the growth of the R R T P network?
Well, you're absolutely right. You know, the numbers are what it all comes down to. Um, and we've been in the market now for six years. So it's nice to actually be able to talk about the adoption and the growth numbers actually starting to increase. Let me start with um reach. So right now we have about 800 financial institutions and credit unions connected to the RTP network. And that gives us access to about seventy percent of the households across the US. And I would note that the majority uh of the banks that we have on the network, about ninety percent of them. uh our banks and credit unions with uh less than ten billion dollars in assets, which is something we're very proud of because typically uh TCH supports um larger commercial banks.
But for the RTP network, we are supporting all banks throughout the entire industry. Um, but just as important as the reach, or probably even more important than the reach. Ага збенект винта фіфти тозен бізнес. and over five million consumers sending RTP payments over the network every single month. Something we're very proud of. Uh it's taken us a while to build up that volume and the reach. And it's kind of an illustration of the fact that there is value to the use of uh instant payments. And we are seeing adoption increase month over month. Uh that by the way represents about eighty two million RTP payments every quarter. uh representing about forty two billion in value.
So right now, uh we one of the areas we were starting to focus on across the network is uh for business to business transactions. And over the course of the last several years we've been gradually increasing our network transaction limit. uh taking a very risk managed, risk based approach. to how we introduce volume on the network. So for the most part, we've been seeing lower value transactions going across the network. Uh we increased the transaction value to a million dollars. That's where it set Today. And as a result of that, we started to see an increase in business to business traffic over the network over the course of the past year. And we expect to continue to see that increase. And we do get a lot of feedback from businesses, large and small.
That business to business activity is one area that really benefits from real time payments. And then finally, I wanted to just mention, um, and hopefully we'll talk about this in a little bit.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:05–10:39
2
What are the latest growth metrics and adoption numbers for the RTP network?
10:39–18:14
3
How is RTP expanding into business‑to‑business transactions and higher value payments?
18:14–22:13
4
What is the Request‑for‑Payment (RFP) program and how is it being adopted?
22:13–31:19
Speakers
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