NEWPORT – BankNewport customers can now receive electronic payments in real time thanks to the adoption of a new platform, the company announced on Oct. 5.
The Real Time Payment platform offers a secure way for BankNewport accounts to receive payments of up to $100,000, according to a news release.
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BankNewport is the first Rhode Island community bank to participate in the technology from banking association and payments company The Clearing House.
The Clearing House launched the platform in 2017 as the first new payment infrastructure in nearly 40 years.
The platform is open to all U.S. federally insured depository institutions.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
