Hunt Companies’ Early Adopter Strategy for Real-Time Payments Sees Immediate Cost and Efficiency Gains
Hunt Companies is at the forefront of the Real-Time Payments (RTP) movement. Adopting the technology to lower bank wire fees and reducing the time spent correcting rejected payments has already provided significant gains in both hard and soft savings.
“I am very happy to be pioneering Real-Time Payments with Hunt Companies, as I want us to be there when it is widely accepted by more banks and not have to play catch up. It benefits every business line across the organization as we can reduce bank fees substantially on payments.”
— David Miller, Treasurer & Sr. Vice President, Hunt Companies
- The volume of payments processed by Hunt Companies monthly resulted in significant bank fees.
- With wire transfers, often the rejection notification of the payment would come hours – even days – after the payment was shown as complete.
- Significant time was spent by the department to research and resend failed payments.
Real-Time Benefits of Real-Time Payments
- Reduces bank fees from $6 on average for a wire transfer to less than $1 for RTP, with a potential for much greater savings as more banks are added
- An impactful number of productivity hours gained per month by Hunt’s finance team no longer needing to research and re-issue failed wire payments
In just 3 months, Hunt Companies has seen a 375% increase in number of payments using RTP month-over-month, a number expected to grow exponentially as more banks are added and transaction size limits are increased. While currently less than 10% of Hunt’s payments are made using RTP, transaction size limits were only recently raised to $1M, already making an impact for Hunt. David Miller, Hunt’s Treasurer & Sr. Vice President, is eager to see the transaction limit continue to increase and more banks adopt RTP.
The Hunt® trademark is registered to its respective holder and use of the trademark does not imply any affiliation with Kyriba or Real-Time Payments (RTP). To the best of our knowledge, the information contained herein is accurate and reliable; however, we do not assume any liability whatsoever for the accuracy and completeness of the above information and make no warranties which extend beyond the description contained herein. Any information given in this statement does not constitute any warranty of merchantability or fitness for a particular use.