BankNewport Customers Adopt Real Time Payment Technology
Platform exceeds goal of $2 million in deposits by 115% since launch
Newport, RI – (October 5, 2021) – With mobile technology and digital commerce driving the need for safer and faster payments in the U.S., BankNewport is pleased to announce its adoption of Real Time Payment (RTP®), a real-time payments platform that all federally-insured U.S. depository institutions are eligible to use for payments innovation. This is the first new payment infrastructure in nearly 40 years.
Since its launch in June 2020, RTP technology from The Clearing House (TCH) has yielded $4.3 million in deposits with financial technology company COCC, exceeding the $2 million goal it had set for itself by 115-percent. BankNewport was the first community bank headquartered in Rhode Island to offer the technology.
RTPs are electronic payments that can be sent to and from most checking and savings accounts within the United States and provide immediate funds 24/7/365, without delay.
“The pandemic caused a major shift in the adoption of digital banking, and with that, customers’ expectations have changed,” said Jack Murphy, President & CEO, BankNewport. “Now more than ever, they want access to digital or remote capabilities across all lines of business and products, and Real Time Payments, as well as our other digital assets, such as Personal Teller Machines, play a key role in providing a better, faster, more frictionless experience for our customers.”
Through the partnership with TCH and COCC, BankNewport account holders currently have the ability to receive real-time payments with a transaction limit of $100,000 from any participating financial institution. To date, BankNewport’s RTP payments have ranged from a few hundred dollars to $75,000, and include personal transactions as well as those from small businesses and title companies. The platform offers enhanced security for payments and messages, as well as real-time fraud screening.
“RTPs are a win-win for the bank and our customers,” said John Sullivan, EVP and Chief Information Officer, BankNewport. “Customers receive deposits instantaneously which helps with liquidity and cash flow and from a business perspective, the technology was put in place quickly and the results were immediate.”
Founded in 1819 and headquartered in Newport, BankNewport offers a full suite of loan and deposit products and services for families and businesses throughout Rhode Island. With $2.0 billion in assets, BankNewport is one of the oldest community banks in the United States and, as a mutual organization, is committed to the financial success of its customers, employees and communities. BankNewport has 17 branch locations, with commercial lending offices in Cumberland and Providence.
BankNewport business lines include OceanPoint Marine Lending, specializing in consumer marine and recreational vehicle financing programs, and OceanPoint Insurance, a Trusted Choice independent insurance agency, providing a broad range of property casualty insurance products, including employee benefits and marine related insurance products.