Finxact signs payments partnership with The Clearing House
Cloud core banking firm Finxact has announced a partnership with The Clearing House (TCH) to implement real-time payments through the latter’s RTP network.
The RTP network claims to be the first new payments infrastructure built in the US in more than 40 years, and the first to deliver 24/7 clearing and interbank settlement.
“We live in an always-on, on-demand world where customers are expecting real-time payments services from their banks,” says Deborah Kovacs, co-founder and chief product officer of Finxact.
“Real-time payments offer a unique opportunity for banks to differentiate their retail and commercial products. We are thrilled to work with The Clearing House to accelerate the pace for banks to now implement a batch-less, real-time payment solution.”
Keith Gray, vice president of strategic partnerships at TCH, adds that the partnership represents “a powerful combination of a real-time, cloud-native core being paired with a real-time payments network”.
Finxact, based in Jacksonville, Florida, raised $30 million in equity financing back in January to further fund its core banking plans from a range of firms, including the American Bankers Association (ABA).
“The core landscape in the US needs to be disrupted for competition to re-emerge. Finxact has assembled an extraordinary team of bankers and technologists that bring deep domain experience in building core banking software,” senior vice president of the ABA, Christopher McClinton, said at the time.