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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On January 28, 2021 at 2 PM ET, join industry experts from Levvel and Bank of the West for a webinar on how financial institutions can be successful in the new world of digital payments and ‘Banking as a Service’ (BaaS).
While adoption of The Clearing House’s Real-Time Payments (RTP) is picking up among financial institutions, its spread among businesses is still early.
In our recent survey of businesses of all sizes, 49% of respondents said they were uninformed about RTP. This gap can be filled by financial institutions, business process automation software, and even businesses themselves.
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.