December 18, 2020
TABLE OF CONTENTS
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.
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.
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:
Once we created an expedited plan to launch RTP within the year, the implementation included:
As one of the first 100 financial institutions to adopt RTP they were also able to maintain a competitive edge in the market.
You’re going to use technology to change the world. We’re going to help you create it. Whether you are reinventing your company, creating an industry-changing product, or making existing products even better with new technologies—we exist to make your endeavor a success story. Our team is made up of leaders, thinkers, designers, and builders whose collective experience spans many industries and companies of all sizes. We’re avid fans of technology but even bigger fans of solving business problems. An understanding of the difference between an idea and a solution is just one of the things that set us apart.
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).
Levvel’s 2021 Business Payments Insight Report explores the current state of payments management and how to make organizations’ payments structure less laborious and more efficient.
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.