Regional Credit Union Becomes One of the First 100 to Adopt RTP

Case Study

December 18, 2020

TABLE OF CONTENTS

Introduction

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.

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Our 2021 Real-Time Payments Market Insight Report is here

Levvel Research's 2021 Real-Time Payments Report (RTP) provides a guide to the many use cases of RTP for businesses and outlines the ROI of adoption for financial management processes, product delivery, and customer satisfaction.

Challenge

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.

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Approach

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:

  • Provide insight on detailed RTP operations: process flows, transactions, data, and use cases
  • Construct a list of internal questions to make information decisions on RTP vendor selection and overall RTP use

Once we created an expedited plan to launch RTP within the year, the implementation included:

  • Assembling a technical team for architecture and technical design
  • Planning and developing RTP vendor integration from start to finish
  • Educating and standing up a new cloud environment in creation of new enterprise API approach and platform

Results

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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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Authored By

Levvel

Levvel

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