Fiserv tapped by San Francisco community bank to provide real-time payments integration
Fiserv has been selected by San Francisco’s Community Bank of the Bay to implement real-time payments through its Payments Exchange: RTP solution.
The solution is designed to speed up the onboarding of new customers while providing existing customers an expanded suite of payment options, including real-time payments through the RTP Network operated by The Clearing House (TCH).
The firm’s payments technology will integrate with the bank’s existing core banking system and will help drive the bank’s digital transformation strategy, Fiserv says.
As California’s first Community Development Financial Institution (CDFI), Community Bank of the Bay serves a commercial customer base of businesses in industries including manufacturing, construction, restaurants, professional services, and real estate.
The integration will mean businesses can make last-minute payments for goods while corporate treasurers can reconcile funds and accounts in real time.
The bank’s senior vice president and chief technology officer Chaula Pandya claims customers will benefit from “rapid, 24/7 access to funds” and are “no longer restricted by traditional business hours or payment rails”.
Fiserv says instant payments are driving significant growth in the payments industry. Customers now expect more contactless and real-time payment solutions and institutions utilise them for escrow payments, real estate and title transfers, and insurance claims.
“Community banks are the backbone of regional money movement and are in the best position to support niche business needs,” says Dudley White, senior vice president and general manager of enterprise payments solutions at Fiserv.