I received this notification from my US bank about the new Real Time Payments system. Has anyone heard of the rollout of this?
In a separate notification they informed me that I now get a number of free wire transfers every year. This is useful in that when I transfer money from my US account to my UK account using TransferWise it is completed the same day AND saves me a few $’s as TW charges less for an incoming wire to them than an ACH which they have to initiate.
Quote:
Dear Alan,
We're writing to let you know that we will soon be connecting to the Real-Time Payments (RTP®) System, which will allow you to receive real-time payments into your HSBC Bank USA, N.A. checking and/or savings accounts 24 hours a day, 7 days a week, and 365 days a year.
What is the change?
HSBC will now accept payments initiated from another bank through the RTP system. The RTP system is a system that moves funds denominated in USD, from one account to another account in real-time. Both sending and receiving accounts must be located within the United States.
The RTP payments will be credited within seconds, and these transactions will be reflected on your statement.
HSBC does not offer the capability to send an RTP payment at this time.
If a payment is initiated from another bank through the RTP system, you will now receive that payment in your checking and/or savings account immediately.
What is an RTP payment?
It is a payment sent through the RTP system that provides real-time funds availability to the recipient.
Who can send an RTP Payment?
The sender who originates the payment must have an account with a financial institution that offers the capability to send payments through the RTP system.
The RTP System may be used between a Sender and Receiver whose accounts are located in the United States.
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