SouthState Expands Instant Payments Capabilities

Core Insights - SouthState Bank has launched instant payment solutions for its Treasury customers, allowing them to send and receive payments in real-time [2][3] - Over the past year, the bank processed more than 600,000 instant payment transactions, totaling over $400 million [2][3] Group 1: Instant Payment Solutions - The new instant payment solutions are designed to enhance cash flow management, secure transactions, and improve reconciliation processes for businesses [3] - Instant payments are facilitated through two networks: The Clearing House's Real-Time Payments (RTP) and the Federal Reserve's FedNow, ensuring secure and encrypted transactions [6] - The instant payments adhere to the global ISO 20022 standard, which simplifies data integration into enterprise and accounting systems, leading to increased efficiency [7] Group 2: Customer Impact - Hourly, a payroll startup, participated in the pilot program and highlighted the significant impact of instant payments on employee satisfaction, allowing payments to be made within 15 seconds [4][5] - The bank aims to expand instant payment offerings beyond Treasury customers in the future [7] Group 3: Company Overview - SouthState Bank Corporation, headquartered in Winter Haven, Florida, provides a range of financial services to over 1.5 million customers across multiple states [8]