Leading Financial Technology Company
Ensuring Interoperable, Compliant Real-Time Payments
Challenge + Opportunity
Our client empowers clients to send and receive money instantly and it wanted to offer solutions to its clientele on a range of platforms.
As an early adopter of FedNow® Service, the Federal Reserve’s instant payment offering, our client sought our help to launch real-time payments capabilities for its client financial institutions.
Our client also needed to upgrade its RTP® platform to comply with The Clearing House (TCH) release schedule so its RTP clients wouldn’t experience payment failures or other challenges.
Solution Highlights
To address these dual challenges, we leveraged our ISO 20022 payments expertise and Agile leadership to ensure a steady, multi-milestone POC integration of the FedNow Service into our client’s Open Payment Framework and multiple core banking systems.
Additionally, we managed and executed the upgrade to RTP 5.0 and successfully secured testing certification from TCH.
Key Benefits
We helped our client successfully commercialize its FedNow integration POC in less than three months. Further, financial institutions using the client's RTP platform can take advantage of new release enhancements offered by TCH and maintain functional parity in the market.
Our work enabled the FinTech firm to offer its financial services clients 24x7x365 instant payments on both FedNow and RTP networks. In turn, those clients can enhance service offerings, improve operational efficiency, and stay competitive in a rapidly evolving market.
