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Work on growing the real-time payments ecosystem goes on with Payfinia completing an integration with The Clearing House Payments Co LLC’s RTP network and Aeropay making an integration with Jack Henry & Associates Inc. to boost its pay-by-bank service.
Portland, Ore.-based Payfinia says its work with TCH, which launched the RTP faster payments network in 2017, means it is now able to connect to the RTP network on behalf of financial institutions through its Instant Payment Xchange platform. That service enables consumers to make account-to-account payments using a real-time payments network.
Payfinia says the platform now has access to RTP and FedNow, the real-time payments service the Federal Reserve launched in 2023. Already, several credit unions are live on RTP via the Instant Payment Xchange platform, Payfinia says.
“By expanding our embedded payment services to the RTP network and unifying native fraud controls across both rails, we eliminate the onboarding complexity and expense that has historically slowed FI adoption,” Keith Riddle, Payfinia chief executive, says in a statement.
Payfinia also says it is preparing to release its Payments Control Module, a tool meant to enable multiple disbursement options for community financial institutions. Banks and credit unions using it will be able to route outbound payments on either network based on configurable rules.
In related news, Chicago-based Aeropay completed an integration with processor Jack Henry that enables request for payment and real-time payments capabilities. Request for payment enables billers, for example, to request payment that can be completed in real-time.
Aeropay says the integration allows it to dynamically route transactions according to multiple variables, such as performance, availability, and risk parameters.
