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An Update on Real-Time Payments

July 31, 2023
On July 12, 2023, Middlesex Savings Bank joined the Real-Time Payments network, which allows financial institution customers to send and receive instant payments.  In this initial phase, MSB customers will be able to receive Real-Time Payments (RTPs).

What are real-time payments? 
RTPs are payments between US checking and savings accounts that are initiated, cleared and settled within seconds - 24 hours a day, seven days a week. RTPs use one of two networks - The Clearing House (TCH) RTP® Network and the FedNow® Network.  

What is the difference between the Clearing House RTP® and the FedNow Network®?
RTP is the instant payments network of The Clearing House (TCH) and FedNow is the network of the Federal Reserve. A financial institution must participate in a network to receive or originate its transactions. Although some components of the networks are the same, each network has its own unique specifications, settlement processes, and rules. 

How is Middlesex Savings Bank participating in these networks? 
Middlesex is committed to offering both networks in order to bring the full capabilities of instant payments to our customers. Initially, we have implemented TCH RTP so that our customers may receive real-time payments. We anticipate joining the FedNow Network when it becomes available later in 2023, to bring customers the same capability to receive real-time payments. Eventually, we plan to offer our customers the capabilities to send real-time payments.   

How do I know if I have received a RTP? 
If you have received a RTP, you will see the payment posted instantly to your account. The description will show as “NOW Deposit NOW RTP from (name of Sender).”

We will continue to provide updates on the FedNow Service and real-time payments as more information is available. 


“Middlesex is committed to providing convenient and efficient digital banking solutions to our customers. 
We continue to monitor the real-time payments space and are dedicated to providing an improved payment experience. As the networks and service providers continue to develop solutions, we will offer additional functionality and add the ability for our customers to send real-time payments in the near future.”
Sean Burke, Executive Vice President and Chief Technology Officer
by Middlesex Savings Bank