Citizens Bank plans to phase in real-time payments for its commercial banking business starting in 2019. The bank, which is an owner bank of The Clearing House (TCH) has been a backer of real-time payments for three to four years, said Matt Richardson, head of product solutions in treasury management at the bank.
Bank executives thought the U.S. needed a better payments system, he said.
“This is following the global trend to get to faster payments; that trend is moving throughout the world and we felt the U.S. had to get up to speed in terms of faster payments,” he explained. “We still have wire and ACH, but neither is really fit for purpose in a digital economy where the consumer expectation is that things happen immediately. It’s hard to support that with legacy platforms.”