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New payments infrastructure continues to gain traction with financial service providers looking to modernize their services for business clients. The Clearing House’s RTP finds expansion within the communitybank arena, while abroad, the Bank of Thailand is planning its own infrastructure development to accelerate B2B payments.
Payment company PayFi and The Clearing House (TCH) have partnered to bring real-time payments technologies to the communitybanks on PayFi’s Branch99TM Real-Time Platform, according to a release. “We PayFi said its RTP network is the first new core payments infrastructure in over 40 years.
The uncertainty around how, exactly, businesses will adopt faster payments could play a role in how banks are or aren’t establishing a clear road map for launching real-time payment services. Baumann summarized the sentiment of these banks: “I plan to offer it, but the ‘how’ behind it is still lacking.”
Through this partnership, Backbase clients will be able to offer instant payment capabilities to their customers. Backbase, leveraging Alacriti’s Orbipay Payments Hub , will support end-to-end payment orchestration and processing through the RTP® network, the FedNow® Service, Visa Direct, Fedwire, and ACH payment rails.
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