Expedited 6-month timeline allows a credit union to implement RTP like a top ten bank
December 18, 2020
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Real-Time Payments doesn’t have to be exclusive to the big banks. A regional credit union planned on launching RTP but had limited resources compared to much larger institutions. They needed to find the best path to kick-off this new payment rail, utilizing Levvel to pick a preferred vendor and identify potential use cases. Once the strategy was in place, the credit union continued to work with Levvel on implementation, which would include designing the integration and developing their integration to RTP.
Smaller financial institutions often rely on a network of key vendors to provide services to members. This regional credit union needed insight in finding the best vendor for their use case, as well as implementing a plan to launch RTP within the year. However, they needed RTP expertise and development resources to initiate the strategy and implementation work.
The credit union wanted to team up with Levvel for both RTP strategy and implementation work. Taking what we knew about how the credit union wanted to productize RTP and how they wanted to connect with the third-party vendor, we teamed up to:
Once we created an expedited plan to launch RTP within the year, the implementation included:
As one of the first 100 financial institutions to adopt RTP they were also able to maintain a competitive edge in the market.
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