Navy Federal Joins The Clearing House’s RTP Network
The nation’s largest CU says it received over $2.7 million in RTP deposits during its first full day on the network.
Navy Federal Credit Union ($168.4 billion, Vienna, Va.) announced Tuesday that it has joined The Clearing House’s real-time payments (RTP) network.
What’s more, the nation’s largest credit union said that during its first full day as a network participant, it received over $2.7 million in real-time deposits – a record among RTP financial institution participants.
The Clearing House formed in 2017 and launched the RTP network, the first instant payments rail in the U.S. The network supports the immediate clearing and settlement of payments, along with the ability to exchange related payment information across the same secure channel, for both consumers and businesses. According to Navy Federal, members who qualify for the new service are generally able to receive their funds anytime, day or night, instantly.
“This is an important step toward the future of banking and is meaningful to our membership as it provides another way for them to manage their finances in real-time,” Pete Amstutz, SVP, savings and membership for Navy Federal, stated. “Our focus is providing outstanding member service, and through real-time payments, we strive to continue meeting members’ needs for speed, transparency and security when it comes to moving their money.”
Elena Whisler, chief client officer for The Clearing House, commented, “The Clearing House is excited to welcome Navy Federal Credit Union, the largest credit union in the world, to the real-time payments revolution. Providing instant payments capabilities to its members aligns with Navy Federal’s digital strategy and signifies the growing importance that real-time payments are playing in today’s digital economy.”
According to The Clearing House’s list of RTP network participating financial institutions, there are 93 credit union participants, not including Navy Federal.
In July 2023, the Federal Reserve launched the nation’s second instant payments rail, FedNow. The Federal Reserve’s list of FedNow financial institution participants includes 48 credit unions.