TAB Bank taps Volante Technologies for real-time payments
With real-time payments increasingly becoming popular due to their nature of being secure, fast and reliable, banks are collaborating with financial technology firms to deploy RTP networks for them.
In such, Utah based digital bank, TAB Bank has collaborated with US-based cloud payment and financial messaging solution platform, Volante Technologies to help banks provide real-time payment services over the RTP network.
Under the partnership, TAB Bank will implement Volante US Real-time Payments as a Service which is an end-to-end solution for the entire real-time payment processing lifecycle right from initiation through to clearing and settlement connectivity which is managed as a service in the cloud.
Earlier this year, Wells River Savings Bank implemented The Clearing House’s RTP network while ESL Federal Credit Union joined the RTP Network.
“With Volante, we can ride the real-time payments wave and be an early adopter without any of the technical hurdles associated with launching a real-time payment offering”, said Michael Palmer, Chief Operating Officer, TAB Bank.
The press note states TAB bank started as a banking service that operated inside truck stops but it now provides custom working capital solutions to commercial businesses across industries. It also noted that with this partnership, the bank can offer real-time payments ‘in a matter of weeks without significant infrastructure investment or IT department resource allocation’.
With the RTP network which is operated by infrastructure provider The Clearing House, TAB Bank clients will be able to receive funds instantly and the bank plans to add the ability to send real-time payments in near future. It also noted that the bank ‘will further explore utilizing its open banking platform to employ real-time payments in a variety of creative ways for its customers’.
“Through Volante, TAB Bank will be able to participate on the RTP network and capitalize on these opportunities without a huge investment or a huge technical lift”, said Keith Gray, Vice President, Strategic Partnerships, The Clearing House.
“Volante’s payment processing solution played a key role in the initiation of the first payment on the RTP network in 2017” as stated in the press release and it is also the member of the U.S. Faster Payments Council and the FedNow Pilot Program.