Since connecting to TCH network almost three years ago and as a TCH owner bank, TD has seen a surge in demand for real-time payments. The concept of real-time payments from TD Auto Finance was trialed with a pilot group of car dealers in October 2021 and is now being rolled out nationwide in phases to dealers who are already live on The Clearing House (TCH) RTP® network. Related: TD Bank Acquires Bank Holding Company First Horizon for $13.4B Stuart added that the bank’s concentration on advancing the development of payments is important in “deepening our dealer relationships.” Our goal with real-time payments is to make life easier for dealers by eliminating the need to wait for payments overnight and giving them maximum confidence in their cash position and ability to operate their business,” said Andrew Stuart, president and CEO of TD Auto Finance. “We understand how important cash flow is to dealers. The capability enables TD Auto Finance to make payments to dealers throughout the day as contracts are booked and avoid the overnight process of sending batch payments using ACH. ![]() ![]() TD Auto Finance is the first indirect lender and the first major auto lender to offer the means for real-time payments nationwide to its network of car dealers, according to a press release on Thursday (March 31). Real-time payments for car dealers are being introduced by TD Bank’s auto finance division, which provides funds throughout the day as contracts are signed.
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