Digital Transactions Authoritative, insightful and timely information for payments professionals
Real-time payments are getting more attention in financial services, and vendors are quickly enabling the faster-payment capability. Among the latest to do so is Sionic Corp., with its suite of services that includes its Verified Rapid Payments, and Oracle Corp., with a new set of cloud-based banking services.
Atlanta-based Sionic says its new services can work on multiple real-time payments networks, such as The Clearing House Payments Co. LLC’s RTP Network and the upcoming FedNow service. Sionic is trying to reduce fraud in person-to-person payments.
“We’ve identified serious gaps in bank-to-bank payments that have prevented rapid adoption by financial institutions, consumers and businesses,” Matt Watson, Sionic chief technology officer, said in a statement. “Our new suite of trust-based services enabling Verified Rapid Payments will provide all parties with a safe and secure way to pay-by-bank.”
Sionic’s services include decentralized identification and verification for payers and payees, mobile-wallet support, fraud detection and mitigation, and a warranty service for financial institutions. Sionic says its Pay-by-Bank service enables real-time payment for bank-to-bank digital cash deposits at the U.S. point of sale.
In related news, Oracle launched its Oracle Banking Cloud Services, a set of six new services that includes real-time ISO 20022-enabled global payment processing, retail onboarding and originations, demand deposit account processing, limits and collateral management, API management, and digital self-service tools.
In June, Austin, Texas-based Oracle employed cloud services as part its Food and Beverage Payment Cloud Service.
