The Clearing House‘s real-time payments network is quickly picking up new bank partners, with Wells Fargo and HSBC joining it to support business transactions this week.

Both banks’ corporate and business clients can now send and receive real-time payments through the network. Steve Ledford, senior vice president of products and strategy at The Clearing House told Bank Innovation that as digital banking adoption grows, real-time payments will become table stakes offerings for institutions.

“If you’re getting an immediate payment, and you can immediately see that [payment] show up on your device, and you know the money’s there,” he said. “[Real-time payments] was the first payment format that was designed to take advantage of the way we deal with information on the internet, and on mobile devices.”  According to The Clearing House, transactions on the real-time payment network are growing 25% each month.

The addition of both banks to the RTP network is part of the network’s accelerated expansion since it launched in launched two years ago. The Clearing House is owned by 24 of the largest U.S. banks and supports activities such as bill payments, cash management, peer-to-peer payments and emergency disbursements. The Clearing House’s objective is for every financial institution in the U.S. to have access to the RTP network by 2020. It currently reaches 51% of deposit accounts.

See also: RTP network transactions growing 25% every month: The Clearing House

Wells Fargo’s API for the RTP network allows corporate customers to send payments directly from their enterprise software or treasury workstations. Meanwhile, for HSBC, business and institutional clients can pay and be paid immediately with enhanced convenience and security, according to the bank.

Consequently, corporate customers can send and receive payments at the “speed of modern life,” Drew Douglas, HSBC’s head of global liquidity and cash management for the U.S. and Canada, said in a statement. Both banks have expressed intentions to offer both send and receive capabilities for retail customers in the future.

According to Ledford, the RTP network will continue to pick up new partners of all sizes in the coming months, including large institutions, community banks and credit unions. He explained that joining the network is a precursor for innovation, incentivizing institutions to update their digital capabilities to ensure compatibility with the RTP network.

“They’re having to go in and update their mobile apps, their online applications, and they’re having to make sure they can reflect this, whether it’s on the teller line, the ATM, or on the phone,” he said. “They have to make sure they’re immediately able to update accounts so that [customers] can have access to funds.”

Despite the ambitious goals of The Clearing House, a parallel real-time payments system from the Federal Reserve could stand in the way of the RTP network’s mass expansion, The Clearing House recently told Bank Innovation. “If you have another entrant that shows up and they build a network without interoperability, all you have done is create a bifurcation,” said Tim Mills, vice president of business development and product management.

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