Top 40 U.S. Bank Saves Millions By Reducing Paper Check Use With RTP

Introduction

A top-40 U.S. bank wanted to build an actionable architectural plan to set up multiple payment rails to support the addition of Real-Time Payments (RTP). In teaming up with Levvel, they would define business and technical requirements, build the payments architecture, and select a vendor to implement RTP Send and Receive functions.

Challenge

As they wanted to develop a single strategic plan, siloed legacy systems were stifling innovation. The future state payments architecture would need to be designed with key features in mind, including proactive monitoring, protocol and scheme translations, and include ACH, Wire, RTP, and Zelle.

Approach

Our mission was to use our payments and architecture expertise to identify the overall business requirements. This would help design an enterprise-level, reusable, and scalable architecture. The bank was on a time crunch, so we also wanted to help them find the best vendor to meet their current and future needs within their target timeline.

The phased approach given to the global bank included:

• Phase 1—Compare and Contrast: Offering multiple solution alternatives, ranging from a custom build utilizing open source technologies to multiple buy options
• Phase 2—Business Requirements Documents (BRD): Creating documentation covering an overall roadmap (tech, trends, and direction)
• Phase 3—Proof of Concept: Developing a POC demonstrating a possible custom build option (microservices using an API gateway)

Results

Because of this project, the global bank became an early adopter of RTP and went live as an RTP receiving institution. In fact, they were able to find funding for the RTP Send phase by identifying internal use cases where they would save millions by moving away from official checks.

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