Colorado-based FirstBank has collaborated with The Clearing House (TCH) to offer faster payments capabilities to its clients.

The bank will leverage TCH’s RTP network, which facilitates immediate clearing and settlement of payments.

The network has a flat pricing structure.

Commenting on the development, TCH CEO Jim Aramanda said: “The RTP network allows innovative banks such as FirstBank to provide new levels of speed and efficiency in payments transactions that will significantly benefit their customers.”

At present, the RTP network is said to reach over 50% of demand deposit accounts in the US.

FirstBank CEO Jim Reuter said: “At FirstBank, we pride ourselves on providing our customers with the most technologically advanced services, and joining the RTP network allows us to continue that promise.

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“Given the combination of speed and improved transparency, the RTP network allows customers to know exactly when their funds are posted, or when a transaction is completed.

“It’s encouraging to see the banking industry working together to modernise our payment system, and meeting customer expectations.”

FirstBank provides checking and savings accounts, home equity loans, mortgages, and treasury management, among others.

It has over 115 branches across Colorado, Arizona as well as California.

The bank oversees more than $19bn in assets.