Catalyst News

Catalyst Corporate is Live with its Funding Agent Solution on The Clearing House RTP Network

by Catalyst Corporate | Oct 19, 2021

Catalyst Corporate announces its Funding Agent Service is now live for credit unions on the RTP® network, the real-time payments system from The Clearing House. Catalyst Corporate’s Funding Agent Service facilitates comprehensive 24/7/365 funding management for credit unions on the RTP network.

“We are pleased to bring credit unions this first-in-class payments solution to help them meet the real-time payment needs of their members,” said Bruce Fox, President and CEO of Catalyst Corporate. “Since inception, we have been a payments innovator for credit unions, and the Funding Agent Service is another milestone in our faster payments strategy to help credit unions across the United States quickly join the RTP network.”  

Catalyst Corporate’s Funding Agent Service leverages Catalyst Corporate’s payments industry expertise to position credit unions for success in the rapidly expanding payments landscape. As a credit union’s Funding Agent, Catalyst Corporate provides an easy, efficient way for credit unions to manage funding requirements for real-time payment transactions that could be burdensome for credit unions to administer individually.

Catalyst Corporate is currently working with several credit unions to facilitate receiving transactions on the RTP network in 2021. Catalyst’s Funding Agent Service will continue to evolve in the coming months and throughout 2022 to include initiating transactions, as well as other service features that will:

  • Provide seamless delivery of credit union funds to and from the RTP network joint account
  • Manage required, pre-funded balances on the credit union’s behalf
  • Monitor funding levels 24/7/365 and deliver recommendations of adequate funding for members based on activities
  • Remove back-office calculations and initiations of providing additional funds or drawing down funds
  • Provide daily reconciliation reports   

The RTP network, developed by The Clearing House, is the first new core payments infrastructure built in the U.S. in more than 40 years and is empowering financial institutions and businesses to implement innovative, value-added use cases for faster payments. The RTP network gives the financial services industry a modern platform for 24/7 domestic real-time payments, complete with rich data capabilities and immediate payment confirmation. The network enables instantaneous settlement and availability, so funds can be used or withdrawn as cash within seconds. 

The RTP network’s real-time payment capabilities reach 61 percent of U.S. demand deposit accounts, with more financial institutions joining the network each week. Moreover, financial institutions that hold 70 percent of U.S. DDAs have technical access to the RTP network through core and other banking technology providers. The RTP network offers a flat pricing structure for all depository institutions regardless of size, does not include volume discounts or have minimum volume requirements, and, unlike ACH, does not charge an operator fee to receive payments. 

“The Clearing House is excited Catalyst Corporate has chosen to be a Funding Agent for the RTP network,” said Steve Ledford, TCH’s Senior Vice President of Product Strategy and Development at The Clearing House. “Credit unions of all sizes may now leverage their funding management expertise to join the real-time payments revolution.” 

For more information on Catalyst Corporate’s new Funding Agent Service, please contact us today.