Avidia Bank: 1st Small Bank Adding Real-Time Payments

Thursday, June 20th, 2019

Avidia Bank is bringing real-time payments capabilities to its customers. This is going to be done through the RTP® (real-time transport protocol) network, which was developed by the THC (Clearing House).

Avidia Bank for Real-Time Payments
This Massachusetts-based financial institution is the 1st small bank that’s joining The Clearing House’ real-time payment system. Lots of other community banks are still trying to force the Federal Reserve to offer its own faster payments service.

Avidia has $1.6 billion in assets. The real-time payment network that it’s adding to its payment options is aimed at commercial clients and the fintechs the bank serves, as the bank’s Executive Vice President and Chief Operations Officer Robert Conery notes. Avidia has been offering a faster-payments service, push-to-card system, thanks to which customers can transfer funds to people or small businesses via their cards.

Now, the RTP network will allow the bank to provide the world’s latest payments infrastructure to its customers. As a result, Avidia’s customers will be able to send, clear, and settle payments just right of the bat. This isn’t the only benefit: advanced messaging capabilities will be another feature to take advantage of.

When it comes to the RTP network, it’s the 1st new core-payments infrastructure developed in the US in more than 40 years. The network allows consumers around the globe to enjoy a variety of payments innovation. According to Avidia, The Clearing House’ system offers greater efficiency as compared to the already available real-time push-to-card system.

Conery says that delivering real-time payments is quite important for them. This will help their customers enjoy new functionality. In addition, The Clearing House’ CEO Jim Aramanda notes that the THC is excited to enter into partnership with Avidia and deliver faster payments to their customers thanks to such cooperation.

Best Payment-Processing Services in the UK
Currently, small banks are trying to get the Federal Reserve to develop its own real-time payment service to be able to survive the completion with the Clearing House. They consider the current state of things a monopoly that’s under the control of larger banks.

What about you? How are you going to compete with the growing number of eCommerce businesses in the UK? Well, the 1st step is to start accepting payments online, of course, if you haven’t been accepting them so far. For this, you should turn to a reliable merchant-proccessing company in the UK that delivers exceptional payment services.

You might think this can be rather intimidating. In fact, it can’t be if you work with a respectable payment-processor comparison company like Best Payment Providers in the UK. With a true payment expert like Best Payment Providers, you can easily discover the payment-processing services for your business deserves and get the best help with Avidia Bank.

Best Payment Providers focuses on terms, complaints, and integration. Besides, Best Payment Providers offers the most honest snapshot of processors at the time of writing, and much more.

To sum up, Avidia is bringing the real-time payment network and its payment options together, thus becoming the 1st small bank to do this. To be the 1st innovator in your field, find the right payments specialist to work with.