BB&T is now offering Real-Time Payments
As one of only seven early adopter banks rolling out Real-Time Payments (RTP) to clients, BB&T is at the forefront of this new offering. Real-Time Payments is the most significant digital transformation in payments in more than 40 years. RTP enables payments to be received and sent with just the right amount of speed, transparency and ease of reconciliation.
BB&T clients can now securely receive Business to Business (B2B) and Business to Consumer (B2C) Real-Time Payments 24/7, with immediate funds availability and complete payment transparency. RTP "send" functionality via CashManager OnLine® will be available to interested business clients later this year—we'll keep you up to date!
To learn more about how RTP can be a great asset for your business, contact your BB&T Treasury Consultant at 800-774-8179.
- 24/7 access – Send and receive payments instantly
- 24/7 fraud detection – Send and receive payments securely
- Payment notifications – Payer and payee receive notifications when a payment is made and funds are available
- Flexible messaging options – Multiple nonpayment messages are supported, including Request for Payment, Request for Information, Payment Acknowledgement and Remittance
- Payment guarantee – Payments are final once authorized by a sender and submitted to the RTP network
- Credit push transactions – As the payer account holder, you control payment transactions. Your trading partners aren't able to take funds from your account.
- Security – RTP payments flow directly from one bank account to another across a secure RTP banking infrastructure
- Potential benefits for senders
- Reduction in days payable outstanding
- Improve transparency of payment status
- Cost reduction with elimination of check and cash handling
- Enhance receiver customer satisfaction
- Flexibility and peace of mind through a contingency payment method
- Potential benefits for receivers
- Reduction in days sales outstanding
- Lower receivables processing cost
- Easier reconciliation when remittance information is sent with the payment
- Opportunity to speed up collections
- Increased cash on hand to manage liquidity differently
Frequently asked questions
When will RTP Send be available?
RTP Send functionality is now available in a pilot program through CashManager OnLine (CMOL) for interested commercial clients of BB&T.
What products will be leveraged to receive Real-Time Payments?
CashManager Online®, BAI Transmission, Commerce Gateway Receivables and SBO solutions will enable you to view your RTP transactions.
When will I be able to send more than $25,000?
Currently, there's an industry-wide evaluation underway to increase the limit.
Are there fraud prevention solutions with RTP?
When sending payments, RTP-participant financial institutions are required to utilize multi-factor authentication and real-time fraud and risk-screening measures prior to sending RTP transactions.
If I have questions about RTP, whom do I contact?
Please contact your Treasury Consultant or call our Client Support Team at 800-774-8179.
How it works
Here's an example of how Real-Time Payments can expedite the payment process in five secure steps:
1. Payment request
The supplier reviews the order and sends a request for payment and related invoice information to their bank. Their bank validates the message and sends it to the RTP network.
2. Manufacturer notified
The RTP network validates the message and routes it to the manufacturer's bank. The manufacturer is immediately notified by their bank.
3. Pay now
The ability to select "Pay Now" in the message, along with the invoice information provided, makes it quick and easy for the manufacturer to immediately make a payment to the supplier.
4. Funds available
The manufacturer's bank validates the authorized RTP payment and routes it through the RTP network to the supplier's bank, which confirms the account number and provides immediate funds availability to the supplier.
5. Acknowledgment message
The supplier receives a detailed payment notification message from their bank and sends a payment acknowledgment message through their bank's RTP service indicating payment has been received and goods are en route.
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BB&T Real-Time Payments
[MUSIC PLAYING] Business needs are changing. Those with whom you do business want availability outside normal business hours with everything accessible at the tip of their fingers. Introducing real-time payments from BB&T. With RTP, businesses can send and receive payments and related messages quickly and securely. Transactions are processed in real-time and funds are transferred immediately, backed by bank-grade security and fraud detection, providing certainty for all payments.
Keep your fingers on the pulse with instant payment status notifications. And stay competitive with the ability to send and receive payments 24/7, 365. Plus, invoice and messaging data associated with each payment flow across an entirely new secure payment network. So you can access this information from one central location at any time.
Here's an example-- Lisa works for a startup technology company. Her company has made a breakthrough advancement and in this competitive industry now needs components as quickly as possible to capitalize upon their discovery. Lisa calls her vendor and places an order. The vendor suggest that they expedite the process and sends a request for payment through real-time payments.
Lisa receives the invoice with the option to pay now. When she selects pay now, the money is instantly transferred through the RTP network. Each party is notified by their own bank that the payment has been received. The vendor sends a message through RTP confirming the order is on its way.
With real-time payments from BB&T, your business will stay on the cutting edge of payment technology providing more efficient service to your vendors and partners while streamlining your payment processes. It's time your payments caught up with the way you do business-- real-time payments from BB&T.