Instant Payments May Give Credit Unions a Deposit Growth Advantage
By PYMNTS
AI summary of the source article
Business accounts receiving at least one instant payment grew 25% faster after Amplify Credit Union enabled receive-only capabilities on The Clearing House RTP network, introducing deposit growth as a new metric alongside transaction-based measures.
Key facts
- Amplify Credit Union enabled receive-only capabilities on The Clearing House RTP network.
- Business accounts that received at least one instant payment grew 25% faster following the implementation.
- Banks have typically measured instant payments by user adoption, volume moved, and payment speed.
Source excerpt · PYMNTS
Banks have generally measured instant payments by transactions: how many customers use them, how much money moves and how quickly payments arrive. An example from Amplify Credit Union adds another measure: deposit growth. Business accounts that received at least one instant payment grew 25% faster after Amplify enabled receive-only capabilities on The Clearing House RTP […] The post Instant Paymen…