The Clearing House’s Real-Time Payments is already affecting change. One of the earliest RTP use cases comes from personal finance service providers that are creating apps to help everyday Americans avoid payday loan interest charges and overdraft fees.

Digit, a savings apps provider, launched a new instant withdrawal feature that allows subscribers to transfer money to their bank accounts from their Digit accounts to avoid overdraft fees or resorting to predatory payday loans.

Overdrafts are a "complex, hard problem," according to Digit CEO Ethan Bloch. Digit’s instant withdrawal service won't solve it, "but it will help," he tells American Banker.

According to American Banker, the Digit idea reinforces TCH’s RTP mission.

[I]t’s an early, real-life use of the real-time payments service JPMorgan Chase has built based on The Clearing House’s RTP service. For those wondering what the early adopters are getting out of this new payment rail, the ability to support fintech clients is one answer.

“It’s been exciting working with Digit to help its customers improve their user experience by directly accessing the RTP network and receiving instant payments,” said Greg Kerwick, head of treasury services client solutions and commercial banking at JPMorgan.

JPMC is taking real-time payments seriously. Not only is it offering the ability to transfer bank funds via payPal, the banking giant is investing more than $11 billion on technology this year, Kerwick said.

Read the entire article on American Banker.