US-based Open Payment Network (OPN) and North American Banking Company (NABC) have launched instant payments to and from any financial institution on TCH's Real Time Payment (TCH-RTP) network. By leveraging OPN's certified interoperability with TCH-RTP, NABC plans to offer customers more payment options along with the payment functionality ExcheQ application.

As explained in the company press release, by leveraging OPN's interoperability with the TCH-RTP network, FIs have access to all of the other members on the RTP Network. Using OPN's open API, financial institutions have the tools to create custom instant payment applications for their customers and rely on OPN to power those solutions across the RTP network. Real-time payments are facilitated by The Clearing House RTP network and soon by the US FedNow service.

OPN is interoperable with RTP and is part of the FedNow pilot programme. Open Payment Network, The Clearing House, and instant payments in the US According to data from The Clearing House, transaction volume on EPN, the ACH network from The Clearing House, increased 9. 6% in 2021, surpassing the broader ACH market as financial institution customers continued the shift to electronic payments that accelerated during the pandemic.

The association disclosed that in 2021, US ACH network volume increased 8. 7% as business and consumers switched to electronic payments. During that time, EPN carried approximately 50% of overall ACH US commercial volume and 55% of the volume from the 50 largest financial institutions.

There are approximately 300 financial institutions processing with EPN. With the upcoming NACHA rule change that increases the value limit for Same Day ACH transactions to USD 1 million, TCH estimates that volumes across US ACH networks should continue to rise by the end of 2022 and beyond. Open Payment Network enables financial institutions to deliver instant payments.

By connecting to OPN's secure technology platform, financial institutions become the gateway for instant payments via Internet and mobile device. The OPN platform integrates with existing core systems and moves payment value and associated data in real time for immediate settlement. Financial institutions can provide access to the OPN API so business customers, fintech developers and internal teams can create applications such as instant mortgage payments, payroll processing, and peer-to-peer payments.

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