Implementing a real-time payments (RTP) solution is an incredible opportunity for any financial institution, but the journey can be a bumpy one for institutions who are not prepared. To help banks build a knowledge base and prepare themselves to ask the right questions (both internally and externally), Levvel has composed a list of key questions and considerations that you can use to prepare.
These questions are based on Levvel’s extensive experience with RTP, including both business considerations (e.g., ideation, use case design, user stories) and technical considerations (e.g., architecture, design, coding & implementation); however, there are always unforeseen considerations. The key is to always ask a lot of questions of your internal teams and any external providers you speak with. And don’t forget—TCH (The Clearing House) is always available as your partner and guide.
Use this RTP checklist to accurately assess your current architectural environment, identify the challenges your institution will need to address, and plan appropriately to deliver a high-quality experience for your customers. Whether you are in the process of implementing RTP or planning your integration, this checklist will help guide your decisions and ensure you are on the right track.
As payment systems domestically and internationally adopt faster money movement, your customers are doing the same. In order to remain competitive, providing your customers with accessible, competitively-priced real-time payments will secure your position both in the market and as their financial institution.
Principal Architecture Consultant
Senior Director, Financial Services