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RTP, FedNow — send and receive experience for businesses

RTP, FedNow — send and receive experience for businesses

Payment infrastructure for the first bank to send payments on the FedNow network
 


Objectives

  • Provide innovative services to business customers by enabling instant payments via FedNow and RTP
  • Overcome limitations of the legacy core system (Fiserv), which posed delays in supporting FedNow and RTP
  • Address the lack of instant payment capabilities in the existing business banking platform
  • Move ACH processing to a modern system to attract vertical businesses
     

Solution

  • RTP/FedNow payment experience on Digital Galaxy or Businesses: commercial payments with a rail-agnostic experience supporting both FedNow and RTP send and receive.
  • Finzly’s modern ACH processing to streamline payment operations.
  • Finzly’s Digital Galaxy Consumer Banking to give consumers instant payment 
    send/receive capabilities.

Outcome

  • The first in the US to enable instant payments for commercial clients through a unified FedNow and RTP experience
  • Plans are underway to launch QR code-based utility bill payments using Digital Galaxy Business Banking experience with Request for Pay
  • The bank benefits from hassle-free product updates with zero platform downtime
  • The bank has already moved its ACH processing to Finzly’s modern ACH platform
5X
accelerated go to market for FedNow/RTP
1st
bank to send instant payments on the FedNow network
seconds
Instant payments processed end to end in a few seconds
Innovation
New use cases for billers and utility companies using Request for Payment experience