Truist first bank to begin revolutionizing bill pay with alias-based request for payment via the RTP® network
Truist first bank to begin revolutionizing bill pay with alias-based request for payment via the RTP® network |
| [25-April-2025] |
Phase-one network validation sets new standard for financial institutions, meeting demands of large corporate billers and empowering consumers CHARLOTTE, N.C., April 25, 2025 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today announced the successful completion of the initial testing phase of an innovative alias-based bill payment solution that leverages The Clearing House's RTP® network and Request for Payment (RfP) platform. The achievement positions Truist as the first financial institution to send and receive alias-based RfPs for transactions and deliver corresponding real-time payment and settlement via the RTP system.
The solution will ultimately enable businesses to offer faster, simpler, more secure, and cost-effective bill payments. Consumers will benefit from greater control and transparency. The payment process will be streamlined for speed and simplicity — for both billers and consumers — by using nearly 150 million previously enrolled U.S. mobile and email tokens. The successful internal Truist pilot, which leveraged Truist's credit card division and employee volunteers, reaffirms Truist's commitment to investing in industry-leading technology and delivering differentiated value to clients. "Truist is leveraging modern, scalable technology to push the boundaries of what's possible in digital payments," said Truist Head of Enterprise Payments Chris Ward. "Our RTP network integration provides unmatched speed, simplicity and safety. This breakthrough will deliver fast, seamless, and fully secure bill payments with instant settlement, as well as real-time confirmation, ensuring immediate financial clarity for businesses and consumers." Delivering faster, streamlined bill payments to both corporate customers and individual consumers underscores Truist's commitment to meeting evolving client needs. Key benefits for large corporate billers will include:
To meet small business and consumer demands for speed, transparency, financial control, and security, this enhanced bill pay solution will deliver faster processing, easy account monitoring, and tokenized fraud protection. Additionally, consumers will receive immediate confirmation their payment has been received and subsequent confirmation it has been applied. About Truist Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Headquartered in Charlotte, North Carolina, Truist has leading market share in many of the high-growth markets in the U.S. and offers a wide range of products and services through wholesale and consumer businesses, including consumer and small business banking, commercial and corporate banking, investment banking and capital markets, wealth management, payments, and specialized lending businesses. Truist is a top-10 commercial bank with total assets of $536 billion as of March 31, 2025. Truist Bank, Member FDIC. Learn more at Truist.com.
SOURCE Truist Financial Corporation | ||
Company Codes: NYSE:TFC |
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