Alacriti rolls out RTP access for small financial institutions
Real-time payments are still in the early days in the US payments space with The Clearing House, which launched RTP Network in 2017, and the Federal Reserve, which has delayed the launch of its FedNow network to 2023 or 2024. Meanwhile, commercial payment companies are working on strategies to get into this untapped, fast-moving space and capture the market share.
Earlier this month, US-based non-bank payments company, Alacriti had partnered with The Clearing House to accelerate the adoption of the real-time payment among smaller banks and credit unions.
This week, the firm has launched the Cosmos for RTP network which is backed by the Orbipay Platform. The Cosmos for RTP network enables small financial institutions and credit unions to connect to The Clearing House’s RTP network and delivers real-time payment services to their customers.
According to the company, using this network would allow customers “to drive new revenue without the burden of significant infrastructure overhauls or capital investments”.
This solution features ISO 20022 native services, open APIs, integrated fraud detection and monitoring, and connectivity to The Clearing House’s RTP network.
“We are seeing banks and credit unions under more pressure to deliver differentiated customer experiences – like real-time payments – that are a reflection of how today’s businesses and consumers want to bank,” said Erika Baumann, Senior Analyst, Aite Group.