I have no idea if this is common knowledge or not but I got the below notification from HSBC, seems to be a little like the “Faster payments” rollout that happened about 20 years ago or whenever it was in the UK and Europe.
This feels like really good news and big change to the banking system. Paves the way for ending reliance on 3rd party apps like venmo and cashapp to settle up.
What does this mean for Monzo? Got to be good thing
We’re writing to let you know that you will soon be able to send real-time payments from your HSBC US deposit accounts to your existing eligible beneficiaries through the Real-Time Payments (RTP®) System.
As you may know, the banking industry has developed and launched a payments network that makes it possible for financial institutions to provide new payment options designed specifically for the digital, on-the-go way we live and work today. Payments made through the new RTP® network are fast and convenient, and work differently than credit or debit cards, and other conventional payment methods.
What is different about Real-Time Payments (RTPs)?
*** Real-time payments are typically processed within seconds from your HSBC Bank USA, N.A. checking and/or savings accounts (at no charge)* 24 hours a day, 7 days a week, 365 days a year**
*** RTPs provide instant availability to the funds, with immediate payment confirmation to the sender**
*** RTPs are only available to send through the HSBC US Mobile Banking App**
*** RTPs are limited to $25,000 per transaction**
*** The RTP System can only be used for eligible payments between a sender and receiver whose accounts are located in the United States**
Refer to this addenda to the Rules for Consumer Deposit Accounts that provide more information on Real Time Payments. Please refer to the Sending or Receiving RTP® Payments section effective March 24, 2020 for recent updates. Retain this document for your records.
If you have any questions, our dedicated Customer Relationship Center is always available by Live Chat or BankMail through Personal Internet Banking. If you prefer, call us at 800.975.HSBC (4722) . Representatives are available 24 hours a day, 7 days a week.
Thank you for being an HSBC client.
HSBC Digital Team