POS SOLUTIONS

Open Payment Network to Power North American Banking Company Instant Payment Solution

North American Banking Company | August 03, 2022 | Read time : 02:22 min

Open Payment news
Open Payment Network (OPN) and North American Banking Company (NABC) today announced the capability to deliver instant payments to and from any financial institution on The Clearing House's Real Time Payment (TCH-RTP) network through NABC's ExcheQ application. By leveraging OPN's certified interoperability with TCH-RTP, NABC can offer customers more payment options along with the payment speed for which ExcheQ is known.

"We've been working closely with OPN to develop this instant payment solution for our customers, Now that OPN is officially certified on the TCH-RTP network, we can dramatically expand the number of financial institutions that our customers can interact with via ExcheQ."

-Michael Bilski, CEO, North American Banking Company.

Leveraging OPN's interoperability with the TCH-RTP network, financial institutions can gain access to all of the other financial institutions on the RTP Network. Using OPN's open API, financial institutions can easily create custom instant payment applications for their customers and rely on OPN to power those solutions across the RTP network.

"The Clearing House recently certified our platform to interoperate with the RTP network, With our ability to connect to this expansive real-time payment network, we can now deliver the benefits of instant payments to more financial institutions, like North American Banking Company."

-Bradley Wilkes, CEO, Open Payment Network.

Real-time payments are facilitated by The Clearing House RTP network and soon by the FedNow service. OPN is interoperable with RTP and is part of the FedNow pilot program. 

About North American Banking Company:
North American Banking Company (nabankco.com) is a locally owned and operated community bank with over $1 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 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 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.

Spotlight

Japanese e-commerce firm Rakuten announced that a major update of its Rakuten Pay mobile app will be released on March 18, according to the firm’s 2018 earnings release, published on Feb. 12. The app’s new structure appears to indicate that it will support cryptocurrency payments in addition to fiat.

Spotlight

Japanese e-commerce firm Rakuten announced that a major update of its Rakuten Pay mobile app will be released on March 18, according to the firm’s 2018 earnings release, published on Feb. 12. The app’s new structure appears to indicate that it will support cryptocurrency payments in addition to fiat.

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