OPN Delivers Full Message Certification for North American Banking Company on the RTP® Network
Industry: Financial Services
OPN instant payment platform provides Requests for Payment (RFP) and Responses to Requests for Payment (RFPR) among other benefits
Highland, UT (PRUnderground) August 2nd, 2023
Open Payment Network (OPN), the provider of a secure technology platform that enables instant payments anytime, anywhere, today announced that it is delivering full message certification for North American Banking Company (NABC) on the RTP® network, the real-time payments system from The Clearing House. This authorization allows OPN to perform payment requests and responses for NABC customers.
“NABC has been a leader in faster payments in the industry for more than two decades,” said Michael Bilski, CEO of NABC. “NABC can now use the messaging system OPN provides to initiate instant payments with the RTP network as the payment rail.”
As part of the OPN rollout for RTP messages, NABC’s ExcheQ will be used to initiate entries. ExcheQ will also be integrated with full RTP message support, including Request for Payment (RFP), Response to Request for Payment (RFPR), Request for Information (RFI), and Response to Request for Information (RFIR).
“The solution that OPN and NABC have implemented is an example of how financial institutions and leading technology providers can work together to offer instant payments to their customers over the RTP network,” said Keith Gray, VP of Sales and Product Development at The Clearing House. “With companies such as OPN providing RFP messaging solutions to financial institutions, we are looking forward to many banks and their customers taking advantage of request for payment and real-time payment capabilities.”
Request for Payment messages are operated 24/7 and are designed to replace debit messages for next-generation, real-time payment networks. These messages can include details about the purpose of the request, including documents such as an invoice or the customer’s bill, such as a utility bill. After a request is sent, the customer receiving the request can review it and decide whether to authorize or decline the payment. When authorized, it provides the payee with an immediate, irrevocable payment, while the payer receives a confirmation that the payment is completed.
“This NABC solution is another example of the power of adopting instant payments,” said OPN CEO Bradley Wilkes. “We are eager to make the process for requesting payments easy and accessible to all NABC customer who wish to use the service.”
About North American Banking Company
North American Banking Company (www.nabankco.com) is a locally owned and operated community bank with over $1.2 billion in assets with locations throughout the Twin Cities. North American Banking Company was the 23rd largest ACH ODFI in the US by transaction volume in rankings released in 2021 but remains true to its community bank roots by providing customized solutions and personalized service to Third Party Senders and Independent Sales Organizations for both ACH and Card processing and Money Services Businesses throughout the US. It is a Member FDIC and Equal Housing Lender.
About The Clearing House
The Clearing House operates U.S-based payments networks that clear and settle more than $2 trillion each day through wire, ACH, check image, and real-time payments. It is the nation’s most experienced payments company, with a long track record of providing secure and reliable systems, payments innovation, and strategic thought leadership to financial institutions. In 2017, The Clearing House revolutionized U.S. payments by introducing the RTP® network, which supports the immediate clearing and settlement of payments, along with the ability to exchange related payment information across the same secure channel. These RTP capabilities enable all financial institutions to offer safer, faster, and smarter digital transaction services for their corporate and retail customers. Learn more at www.theclearinghouse.org.
About Open Payment Network
Open Payment Network™ (OPN) helps financial institutions attract and retain more customers and stay ahead of the competition by enabling them to deliver instant payments anytime, anywhere. By connecting to OPN’s secure technology platform, financial institutions become the gateway for instant payments via Internet and mobile device. The OPN platform integrates with existing core systems and moves payment value and associated data in real time for immediate settlement. Financial institutions can provide access to the OPN API so business customers, fintech developers and internal teams can create applications such as instant mortgage payments, payroll processing, and peer-to-peer payments. Visit www.openpaymentnetwork.us.
About Open Payment Network
About the FedNow Service
The Federal Reserve Banks developed the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals can send and receive instant payments at any time of day, and recipients have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access is provided through the Federal Reserve’s FedLine® network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit FedNowExplorer.org (Off-site).
