Apex Clearing and BNY Mellon Originate First Ever Real-Time Payments Transaction

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Apex Clearing, a full-service clearing firm and a technology leader in the digital wealth space, and BNY Mellon today announced the successful origination of the first Real-Time Payments (RTP) transaction. It marks the first time a live payment was originated via the RTP network.

RTP allows businesses to send and receive funds in real time directly from their bank accounts without creating accounts on other services, 24/7/365. It was launched on November 13, 2017, with BNY Mellon as a pioneering bank in the network. It is the first new payment rail for the U.S. since the ACH network was introduced in 1974.

The Apex Clearing BNY Mellon RTP includes the transmittal of messaging that adds greater intelligence to the payments process. To commemorate the significance of this first-ever payment, the transaction included a message: “Exploration is in our Nature”.

”RTP gives us nearly instant access to irrevocable funds in trading accounts. It is helping us deliver on the promise of innovation and digital leadership that we make to our clients and pushes us further ahead of the industry by making near-instant account funding available to our clients’ customers,” said Sam McIngvale, Head of Innovation, Apex Clearing.

“This first transaction marks a once-in-a-generation innovation in the way businesses exchange funds,” said Tony Brady, Digital Investment Platform Officer, BNY Mellon Treasury Services. “Today is only the start of that new wave of change. It opens the floodgates to huge opportunities for BNY Mellon to innovate within our platforms and services and in our client relationships.”

The Credit Transfer transaction was originated through BNY Mellon’s NEXENSM online platform and reached the recipient account within 15 seconds. Apex is exploring using RTP’s Request for Payment functionality as a supplemental method of account funding.

About Apex Clearing:

Apex Clearing is a leading provider of digital wealth solutions that is powering the innovation behind 21st century investing. An independent, full-service clearing firm, Apex partners with financial services firms ranging from disruptive fintechs to Fortune 500 enterprise advisors to succeed in the digital age. Apex's fully-integrated, customized solutions allow registered investment advisors (RIAs), digital advisors, fintech firms, broker dealers and full service firms to operate more efficiently, maximize profitability, give customers more control, and reach new investors. Founded in 2012 and based in Dallas with offices in New York City, Chicago and Portland, Oregon, Apex Clearing is registered with the SEC, a member of FINRA, and a participant in SIPC. For more information, visit apexclearing.com.

About BNY Mellon Treasury Services

With locations on six continents and an extensive network of correspondent financial institutions, BNY Mellon's Treasury Services group delivers high-quality performance in global payments, trade services and cash management. It helps clients optimize cash flow, manage liquidity and make payments more efficiently around the world in more than 100 countries. Processing payment transactions in over 120 currencies, the company is a top-five participant in both the CHIPS and overall funds transfer markets. The company is also a recognized leader in the delivery of private-label treasury services solutions for banks and other large institutional clients.

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of Sept. 30, 2017, BNY Mellon had $32.2 trillion in assets under custody and/or administration, and $1.8 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.

More news and information about Apex Clearing

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Business Wire: 21:10 GMT Tuesday 14th November 2017

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