Majority of Smaller FIs Rely on Third Party Help for RTP Implementation


October 8, 2019



It should be of no surprise that the majority (84%) of smaller financial institutions (FIs) are reliant on third-party assistance in launching real-time payments (RTP). Most smaller institutions battle against lack of internal resources and rely heavily on third parties for a number of functions, including online and mobile banking front end. This leads them to seek help in a few ways for RTP:

  • Strategic approach to RTP (when/how to launch)
  • Intermediary services to The Clearing House (fraud, messaging, account validation, etc)
  • Servicing and liquidation services
  • Education (often from existing vendors)

These institutions are deciding if, how, and when to launch RTP, how the new service will fit into their technical stack, how to present it as a product to their clients, and much more. The resources and insight needed to perform all of these tasks in addition to business-as-usual items often become overwhelming, and in some cases impossible. This leads these institutions to seek outside help, especially with something as potentially transformative as RTP.

What Percentage of Smaller Financial Institutions are Reliant on Third Party Help for Real-time Payments?

Smaller institutions also realize their technical stack and fraud monitoring capabilities often are not sufficient to take full advantage of, nor properly monitor, RTP as a service. Many third parties have created productized solutions for RTP that allow these smaller institutions to participate without doing most of the heavy lifting. In addition, technical support is often needed to integrate with a servicing solution, which is often also provided by a third party technical provider or consulting group.


Smaller institutions are able to take advantage of RTP, but they will need assistance in order to fully realize the benefits it can offer them and their clients. RTP has the potential to transform the organization as well as the payments industry and should be approached with research and preparation. Third-party services are able to fill gaps in smaller institutions so that they are able to launch RTP in a way that will be strategic and forward-looking.

Our 2020 Real-time Payments Report is here. See the latest industry insights, emerging trends, and critical data shaping the future of real-time payments by reading the report today.

The 2020 Real-time Payments Report is here.

What is the state of readiness for Real-Time Payments (RTP) across the industry? What are the current RTP integration trends? We tackle big questions like these and more in our 2020 Real-Time Payments Report.

Authored By

Chris Rigoni

Senior Financial Services Consultant


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Meet our Experts

Chris Rigoni
Senior Financial Services Consultant

Chris is a Senior Financial Services Consultant who works across a variety of companies and industries to create strategic payments advantages. He has over eight years of experience in managing emerging payments and digital platforms and served as a subject matter expert in tokenization, digital product management, and open banking. Chris spent five years at BBVA Compass, most recently leading business-efforts in the launch of Android Pay and Samsung Pay, as well as managing their mobile wallet offering. The last three years have focused on tokenization, Zelle, and real-time payments strategies within organizations of different sizes and needs. He currently resides in Charlotte, NC with his wife and two children.

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