CU 2.0 Podcast Episode 303 James Colassano on Real Time Payments (RTP) Coming At You

Podcast Guest James Colassano

 Real time payments.  Coming at you right now.  Are you ready?

On the show is James Colassano, an SVP at The Clearing House, an institution owned by some of the world’s largest banks (including Chase, BMO, CapitalOne, B of A, Santander and more). And The Clearing House very much wants credit unions to get involved with its RTP network because its goal is ubiquity.

Already hundreds of credit unions, including Navy Federal, are on board.

The 2024 fact is that consumers – and businesses – want money to move instantly.  

Institutions that don’t possess that capability will fall behind.

It’s easy to get involved with RTP, by the way. Most core systems in use at credit unions already have the capability built in.  Flick a switch, complete some paperwork, and an institution is active.  The starting point in this journey: talk with your core provider.  They likely will know your next steps.

In this show Colassano talks about use cases for RTP and also about how to claw back a payment that was made in mistake.

He also explains how RTP and FedNow are different but fundamentally on the same mission.

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