This allows correspondents that provide funding services to other institutions, or individual financial institutions, to automate liquidity management and offer real-time reconciliation and transaction posting. Midwest Independent BankersBank (MIB) and Bankers’ Bank of the West are amongst the first financial institutions to select this new real-time payments module available through Aptys’ multi-channel payments platform PayLOGICS.

Aptys is leading the fintech industry in providing automated RTP and FedNow liquidity management by offering an easy and efficient way for financial institutions to manage funding requirements for real-time payment transactions. Its new liquidity manager will systematically manage RTP and FedNow network settlement for banks and credit unions, plus monitor and manage balances, including responding to position alerts 24/7/365. The service diligently provides real-time posting, reconciliation reports, and liquidity management tools. The module integrates through real-time API’s to The Clearing House’s RTP network and will connect to the FedNow system in the near future. It will be a key tool for financial institutions and correspondent FI’s who want to grow and scale their ability to offer settlement services as well as being a lifeline to community FI’s to minimize risk and reconcile transaction funding.

MIB and Bankers’ Bank of the West, both existing Aptys customers, provide a wide array of correspondent banking services to almost 800 financial institutions throughout the West and Midwestern U.S. and have deployed many of Aptys’ products such as ICL, ACH, Wires, Fed Messages, and Archive. MIB and Bankers’ Bank of the West have licensed the liquidity manager, which is targeted to go into live production in early 2022. This module utilizes PayLOGICS’ real-time payments engine which will allow financial institutions to scale their real-time payments services easily and effectively.

According to Sheila Noll, MIB’s Chief Operations Officer, they selected Aptys because the new module in PayLOGICS significantly improves efficiencies and reduces the operational cost for community bank customers. “This product helps in solving a big challenge for many FIs. Aptys’ new funding agent module manages the settlement and funding requirements for real-time payment transactions and other requirements which can be taxing for FIs to administer on their own in a 24 x 7 x 365 environment,” Noll said. “Another advantage is Aptys collaborates directly with its customers to continually refine the capabilities of the system.”

Bankers’ Bank of the West SVP & Chief Operating Officer, Jeff Benson, shared, “It makes sense to work with a partner like Aptys that understands our faster payments needs and has a successful track record in payments to successfully deliver the tools that we need for our customers.”

“Consumers and businesses demand for faster payments is on the rise and offering a faster payments option is a key differentiator for financial institutions,” said Naseer Nasim, CEO of Aptys. “We are grateful for our partnership and collaboration with our clients to develop new technology and capabilities that creates a path forward for banks and credit unions in today’s faster payments landscape. Serving as a funding agent fits right into our desire to offer technology solution alternatives and empower digital transformation for any financial institution.”