Newtek Bank, N.A. Customers Now Have the Ability to Receive Instant Payments Through the FedNow Service and RTP Network 24/7/365

NewtekOne, announced that its bank subsidiary, Newtek Bank, N.A. (“Newtek Bank”), now offers its commercial banking customers the capability to receive instant payments through the Federal Reserve’s FedNow^® Service and The Clearing House’s RTP^® network twenty-four hours a day, seven days a week, 365 days per year.

As a member of both the FedNow^® and RTP^® networks, Newtek Bank’s commercial clients can receive eligible payments in real time, available for use without delay, with interest on funds beginning to accrue same day. Newtek Bank does not charge a service fee to receive instant payments.

Barry Sloane, Chief Executive Officer, President and Chairman of NewtekOne, commented, “Combining the ability to receive instant payments through FedNow^® and RTP^® with our online business portal, the Newtek Advantage^®, and a Newtek Bank Zero-Fee Business deposit account strengthens the value proposition we offer to our commercial customers – faster payments received coupled with lower costs and higher interest payments for more savings.

Read More on Fintech : Global Fintech Interview with Baran Ozkan, co-founder & CEO of Flagright

“The Newtek Advantage^® gives business owners a single online portal for banking, payroll, insurance, IT, and more; it’s built to operate in real time, providing transparency and functionality that traditional banks and third-party providers cannot match. The Newtek Advantage^® gives our business clients data analytics and transactional capabilities that are simply better than those offered by our competitor depositories. Our customers can execute same day payroll in the Newtek Advantage^®, allowing employers, for example, to make funds available on a Friday and pay their employees that same Friday with the funds hitting employees’ bank accounts for use on the weekend. Our merchant customers will see, on the same day, funds from processed batches deposited into their Newtek Bank Zero-Fee Business Banking account to start earning interest at a higher rate than other banks offer. The Newtek Advantage^® business portal shows our merchant client its batches (charges, refunds, chargebacks, etc.), in real time, and provides them business analytics in the portal.

“What’s more, is not only that are we delivering technological functionality via software, we back that up with live, U.S.-based customer service representatives on-camera and on-demand 24/7/365. With a Trustpilot score of 4.8 out of 5.0, our customers are sending the message that NewtekOne’s financial and business products and approach are highly appreciated. That feedback is validating and encourages us to continue to build on our already attractive product offerings, which we believe we’ve done by adding instant payments to the menu for our customers. To sum it up – NewtekOne’s customers can make payroll, see and receive credit for merchant batches, view sent and received ACHs and Fed wires – all banking in one place – that’s quite an advantage, The Newtek Advantage^®.”

Mr. Sloane continued, “For those not yet NewtekOne clients, come visit us for the ‘Newtek Triple Play.’ With one application, you can get an instant line of credit, an instant merchant account, and an approved bank account. You will receive a Newtek Bank Visa branded debit card for transactions and savings tied directly to an interest-bearing Newtek Bank business checking account. NewtekOne is the One Solutions For All Your Business Needs^®, all tied together through the Newtek Advantage^®. Importantly, we are also integrated with Intuit QuickBooks^® online and desktop for greater transparency and analytics.”

Catch more Fintech Insights : Real-Time Payments and the Redefinition Of Global Liquidity

[To share your insights with us, please write to [email protected] ]

The post Newtek Bank, N.A. Customers Now Have the Ability to Receive Instant Payments Through the FedNow Service and RTP Network 24/7/365 appeared first on GlobalFinTechSeries.