Sherpa Technologies and Juniper Payments team up to provide real-time payments solutions
The US is racing to catch up in Real-Time Payments with efforts being made to make it widely available and make it more accessible for every scale of businesses in order to deliver advantages of speed, security and reliability.
In such, California-based payments technology provider, Sherpa Technologies has partnered with Kansas-based payments solution provider, Juniper to provide a portfolio of payment solutions through integration between their respective payment hubs.
In the first initiatives under this partnership, the two business firms will be working to extend real-time payment functionality available from The Clearing House’s (TCH) RTP network and create a ‘real-time business-to-business (B2B) payments module for correspondents to offer their financial institutions’.
“Through Sherpa’s connectivity to the RTP network, Juniper is able to offer a real-time B2B solution to respondent financial institutions,” said Jorge Jimenez, President and Chairman of Juniper Payments.
As mentioned in the press release, Juniper would leverage Sherpa as a certified RTP network Third-Party Service Provider for network access and with this, real-time API integration between the two companies would enable a ‘suite of payment functionality, including real-time payments through the RTP network, ACH origination and receipt, and full wire transaction support’. The integration will also simplify ‘payment orchestration and settlement capabilities and supports the acceleration of payments modernization strategies’.
In the near-term solution provided by the two companies in the partnership will be the integration of RTP network send/receive functionality and payment messages into Juniper’s platform.
Last month, Dwolla, an Iowa based payments company had released access to real-time payments which would allow for sending funds directly to a bank account in seconds using the RTP network. Prior to that Payments Canada tapped Interac Corp for a real-time payments system in Canada.
Sherpa Technologies is a payment technology provider and as per the press note the company claims to be the ‘first credit union-specific, a non-core, third-party service provider to provide a hosted gateway to the RTP network from The Clearing House to a certified credit union’. As per the company’s website, it is backed by Corporate One Federal Credit Union which is a corporate credit union with $5.2 billion in AUM.