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With real-time payments quickly becoming a reality for the U.S. payments market, smaller financial institutions are scrambling to adopt the necessary technology. That in turn is creating opportunities for a wide range of technology companies.
The fintech Go-Live Faster says it will launch what it bills as a solution that will allow financial institutions to integrate within 90 days to any real-time payments network, including The Clearing House Payments Co.’s RTP and the Federal Reserve System’s FedNow network. FedNow which is scheduled to launch commercially in July.
To enable such an aggressive integration timeline, Go-Live Faster’s solution proposes to identify and resolve gaps between a financial institution’s legacy payment systems and real-time payments platforms. The technology includes what the company calls out-of-the-box automated/manual validations, a proprietary file simulator, pre-certification validation, and an automated file generator. The solution will be unveiled later this week at Nacha’s Smarter Faster Payments conference in Las Vegas.
“Go-Live Faster is leading the way in real-time payment enablement as banks and credit unions scramble to navigate myriad new global messaging standards that make obsolete most, if not all, of their legacy payment systems,” Hari Raghunathan, executive vice president of North American Operations for Go-Live Faster, says in a statement.
Go-Live Faster’s features include business analysis, quality-assurance testing, data-migration validation, automation, training, branded user guides, documentation, and videos.
In related news, Volante Technologies Inc., a provider of cloud payments and financial- messaging solutions, is enabling Winter Haven, Fla.-based SouthState Bank NA to provide real-time payments to its 1 million customers through the RTP and FedNow networks. The partnership with Volante is part of SouthState Bank’s multiyear banking-as-a-service strategy to broaden its payment services and help clients conduct business more efficiently and securely. The bank has more than 240 locations in Florida, Alabama, Georgia, North Carolina, South Carolina, and Virginia.
“As real-time payments have become just as important as legacy payment rails in many regions, smaller banks must be able to meet customer demand for access to faster payments and the tools and automation that go along with them. Payment modernization efforts are table stakes,” Erika Baumann, research director, for Aite-Novarica Group, says in a prepared statement.
