NewtekBank, a subsidiary of NewtekOne, announced that it has added the ability for its commercial banking customers to receive instant payments through the Federal Reserve’s FedNow Service and The Clearing House’s Real‑Time Payments (RTP) network. The service is available 24 hours a day, seven days a week, with interest accruing on the same day and is offered at no fee to commercial clients.
The instant payment capability is part of NewtekBank’s broader strategy to provide a fully integrated, technology‑enabled banking experience for independent business owners. By enabling real‑time deposits, the bank can improve liquidity for its customers, reduce settlement risk, and strengthen cross‑sell opportunities across its lending, payments, and payroll products. The addition positions NewtekBank competitively against traditional banks that still rely on batch‑processing for ACH and wire transfers.
The announcement underscores NewtekOne’s commitment to expanding its digital banking footprint and delivering cost‑effective, high‑value services to its 36 million‑strong target market of independent business owners. The instant payment feature is expected to drive higher customer engagement, increase deposit balances, and support the company’s goal of deepening its integrated platform for business owners nationwide.
Barry Sloane, CEO of NewtekOne, said, "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."
The service’s launch is a key milestone in NewtekBank’s digital transformation, reinforcing its focus on delivering real‑time, fee‑free payment solutions that enhance liquidity and operational efficiency for small‑ and medium‑sized businesses.
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