SouthState Bank announced that its Treasury customers now have access to send and receive instant payments, enhancing their cash flow management and transaction efficiency. This expansion leverages both The Clearing House's Real-Time Payments (RTP) and the Federal Reserve's FedNow networks, providing real-time processing capabilities.
Tara Edmonds, Enterprise Payments strategy leader, highlighted that these solutions are designed to empower businesses with speed, security, and reliability. The bank conducted a pilot program over the past year, processing more than 600,000 instant payment transactions totaling over $400 million, demonstrating the system's effectiveness.
A participant in the pilot, Hourly, a payroll company, noted the significant impact, with employees receiving payments within 15 seconds. Instant payments adhere to the global ISO 20022 standard, facilitating easier data integration into enterprise and accounting systems, which creates more efficiency for businesses.
This milestone underscores SouthState's dedication to innovation and reinforces its role as a forward-thinking regional bank at the forefront of progress in the payments industry. While currently available for Treasury customers, the bank is exploring opportunities to expand this offering to other customer segments in the future.
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