VIENNA, Va. (December 5, 2023) – Navy Federal Credit Union received over $2.7 million dollars of real-time deposits during its first full day on the RTP® network, the instant payments system operated by The Clearing House, setting a new record among RTP financial institution participants. The RTP network provides Navy Federal members with the ability to receive instant payments from participating financial institutions in real time. This represents a significant opportunity for Navy Federal members seeking options for safe and secure real-time payment services.
“This is an important step towards the future of banking and is meaningful to our membership as it provides another way for them to manage their finances in real-time," states Pete Amstutz, senior vice president of savings and membership at Navy Federal. “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.”
Navy Federal is a committed participant in the RTP network and takes great pride in being a leader in innovative banking. Through this pioneering development, combined with our providing round-the-clock service, qualifying members are generally able to receive their funds anytime, day or night, instantly.
The RTP network supports the immediate clearing and settlement of payments, along with the ability to exchange related payment information across the same secure channel and is transforming payment processes for consumers and businesses. The number of financial institutions participating in the network is consistently expanding, currently seeing more than 64 million transactions each quarter and poised to grow exponentially.
“The Clearing House is excited to welcome Navy Federal Credit Union, the largest credit union in the world, to the real-time payments revolution,” says Elena Whisler, chief client officer at The Clearing House. “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.”
Digital banking is an important focus within Navy Federal, as we strive to offer our members with award-winning services and innovative features conveniently. Information about Navy Federal’s digital payments platform can be found here.
About Navy Federal Credit Union: Established in 1933 with only 7 members, Navy Federal now has the distinct honor of serving 13 million members globally and is the world’s largest credit union. As a member-owned and not-for-profit organization, Navy Federal always puts the financial needs of its members first. Membership is open to all Department of Defense and Coast Guard Active Duty, Veterans, civilian and contractor personnel, and their families. Dedicated to its mission of service, Navy Federal employs a workforce of 24,000 and has a global network of more than 350 branches. For more information about Navy Federal Credit Union, visit navyfederal.org. Federally insured by NCUA. Equal Opportunity Employer.
About The Clearing House: The Clearing House operates U.S.-based payments networks that clear and settle more than $2 trillion each day through wire, ACH, check image and real-time payments. It is the nation’s most experienced payments company, with a long track record of providing secure and reliable systems, payments innovation, and strategic thought leadership to financial institutions. In 2017, The Clearing House revolutionized U.S. payments by introducing the RTP network, which supports the immediate clearing and settlement of payments, along with the ability to exchange related payment information across the same secure channel. These RTP capabilities enable all financial institutions to offer safer, faster and smarter digital transaction services for their corporate and retail customers. Learn more at www.theclearinghouse.org.