December 7, 2020
TABLE OF CONTENTS
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.
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.
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:
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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Continue on to see our executive insights from today’s data on how many organizations see the benefits to RTP and what percentage plan to implement it in the next two- to three years, and much more about the state of RTP.
Hear from Levvel and TCH experts on their takeaways and insights from our 2021 RTP Market Insight Report. Learn about today’s most prevalent adoption barriers, use cases and solutions to offer banking clients, and much more.
While adoption of The Clearing House’s Real-Time Payments (RTP) is picking up among financial institutions, its spread among businesses is still early.
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