Finxact, the emerging leader in Core-as-a-Service banking, today announced that it is working with The Clearing House (TCH) to bring real-time payments capabilities to its customers through the RTP network, a new payment network financial institutions can use to clear and settle real-time consumer and business payments.
The capabilities enabled by the RTP network will empower banks to send, clear, and settle payments instantaneously while leveraging the modern architecture and the agility of the Finxact core System of Record (SOR).
The Finxact Core SOR is the only cloud-native SOR with open APIs that enable fast, streamlined innovation. By leveraging Finxact's modern architecture, banks are able to invent, curate, and launch products at the speed required to meet customer expectations in today's marketplace.
The RTP network is the first new payments infrastructure built in the U.S. in more than 40 years. The network is the first to deliver 24/7 clearing and interbank settlement, including the real-time movement of money and enriched data between participating financial institutions. The RTP network currently reaches more than 50 percent of U.S. transaction accounts and adoption is increasing.
"We live in an always-on, on-demand world where customers are expecting real-time payments services from their banks," said Deborah Kovacs, Co-Founder and Chief Product Officer of Finxact. "Real-time payments offer a unique opportunity for banks to differentiate their retail and commercial products. We are thrilled to work with The Clearing House to accelerate the pace for banks to now implement a batch-less, real-time payment solution."
"We are excited to work with Finxact to make real-time payments accessible to banks through the Finxact Core SOR," said Keith Gray, Vice President of Strategic Partnerships for The Clearing House. "Our work with Finxact represents a powerful combination of a real-time, cloud native core being paired with a real-time payments network, a combination that will significantly benefit banking customers."
Finxact, which recently secured a $30 million strategic investment by leading banking and financial services firms, is currently working with multiple U.S. and international financial institutions, from de novo banks to top-tier banks, on projects ranging from full core conversions to digital-only initiatives.