
Dallas-based Pegasus Bank is the first financial institution to connect to the RTP network and process live transactions via a third party service provider.
"Making faster payments a reality was already a crucial matter; fast and easy electronic payments are a necessity in today’s world," said Jenny Murphey, executive vice president and chief operating officer at Pegasus Bank.
Pegasus used Jack Henry for its integration. The technology provider has more than 100 financial institutions using its faster payments hub, JHA PayCenter, to connect to Early Warning Services’ Zelle Network and The Clearing House’s RTP network.
- Pegasus, a $750 million-asset bank, is offering its customers the ability to receive real-time payments sent by accountholders from other participating financial institutions.
- The real-time payment capabilities provided by the RTP network also enable Pegasus Bank customers to receive real-time credit transfers initiated from third-party payment apps.
- More than 50 additional Jack Henry clients are scheduled to go live on the RTP network by calendar year-end, according to the company.
"We have seen an uptick in P2P payments as well as customers applying for bill pay in recent weeks. Offering the RTP network has proven to be a tremendous value to our clients already, and we expect heightened activity in the months ahead as we expand the scope of the real-time capabilities we provide," said Murphey.
Pegasus Bank is a wholly owned subsidiary of BancFirst Corporation and operates 3 branches in Dallas, Texas.
JHA PayCenter is a proprietary payments hub that provides connections to the Zelle and RTP networks, enabling near-real-time payments to be sent and received through Jack Henry’s core and digital solutions.
Instead of building their own connections to the faster payment networks, banks and other financial institutions can use a third party, like JHA PayCenter. It also provides access to infrastructure and payments expertise that might be challenging for individual institutions to tap into. This payments hub will also provide a single integration point with future faster payment networks.
The RTP network currently reaches more than 51 percent of U.S. transaction accounts and adoption is growing. Zelle processed $187 billion in payments on 743 million transactions in 2019.
“The demand for real-time payments has taken on a new meaning in light of the COVID-19 pandemic," said Tede Forman, group president of consumer and commercial payments at Jack Henry.
"Consumers and businesses face mounting pressures to expedite funds availability and help improve cash flow with a new contemporary alternative for moving money how and when they need to."