Chesapeake Financial Shares Inc (OTCQX:CPKF), which operates as the bank holding company for Chesapeake Bank, a community bank serving central and eastern Virginia, said it has joined the Real-Time Payments (RTP) network developed by The Clearing House.
With the RTP network, Chesapeake Bank customers can now receive payments directly into their accounts with real-time receipt confirmation and instant availability, while also providing for advanced messaging capabilities.
"We are excited to offer our customers the ability to receive payments much faster and continue to support new digital innovations," said Rick Roberts, who is director of operations at Chesapeake Bank. "The RTP network provides improved speed, reliability, and security to consumer and business payments."
Founded in 1900, Chesapeake Bank is primarily a lender to small businesses. It is headquartered in Kilmarnock, Virginia and operates 15 community banks in the Northern Neck, Middle Peninsula, Williamsburg and Richmond region.
"Our customers need financial technology tools that align with their personal and business needs. Supporting real-time payments through the RTP network is an important step for us, allowing us to deliver new functionality to our customers, and improve their banking experience," said DJ Seeterlin who is the chief information officer at Chesapeake Bank.
"We are proud to be an early adopter of the RTP network, which demonstrates our commitment to be at the forefront of technology and payments."
The RTP network, provided by The Clearing House, is the first new core payments infrastructure built in the US in more than 40 years and gives the banking industry a modern platform for domestic payments, complete with rich data capabilities and immediate payment confirmation. The system enables instant settlement and availability, so that funds can be used or withdrawn as cash within seconds.
The RTP network currently reaches 53% of US demand deposit accounts, offers a flat pricing structure for all depository institutions regardless of size, and doesn’t include volume discounts, or have minimum volume requirements.
Chesapeake Financial Shares is a one-bank holding company originally chartered in 1900 and based in Kilmarnock, Virginia. In addition to Chesapeake Bank, it operates another subsidiary called Chesapeake Wealth Management Inc, which is an independent wealth management firm offering brokerage, trust, and estate management services.
Chesapeake Financial stock recently traded nearly 1% higher to $18.60 a share in New York.
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