Truist Financial has concluded the initial testing of a new alias-based bill payment system, utilising The Clearing House’s Real-Time Payments (RTP) network and Request for Payment (RfP) platform.
This development positions Truist as the first financial institution to execute alias-based RfPs for transactions, enabling real-time payment and settlement through the RTP system.
The new solution aims to make bill payments faster, simpler, more secure, and cost-effective for businesses, while offering consumers enhanced control and transparency.
The process will be streamlined through the use of nearly 150 million pre-enrolled mobile and email tokens in the US.
“Truist is leveraging modern, scalable technology to push the boundaries of what’s possible in digital payments,” said
Truist enterprise payments head Chris Ward said: “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.”
According to Truist, key advantages of this system for large corporate billers include immediate payment validation, which aids in instant reconciliation and reduces financial uncertainties.
Additionally, payments processed through the RTP network will grant billers immediate access to guaranteed funds, thereby improving cash flow and reducing payment delays. Secure data management facilitates reconciliation and reporting, while robust security measures protect sensitive information, eliminating the necessity of sharing bank account details.
This solution is designed to meet the expectations of small businesses and consumers for speed, transparency, financial control, and security by offering fast processing, easy account monitoring, and tokenised fraud protection. Consumers will receive immediate confirmation that their payment has been received and notification once it has been applied, said Truist.
