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This enables banks to process transactions across multiple core systems while integrating with digital banking, Office of Foreign Assets Control (OFAC), and fraud monitoring via open APIs. ” Headquartered in Wilmington, North Carolina, Live Oak Bank is a cloud-based digital bank that serves small businesses throughout the US.
Up to this point, US financial institutions have relied on The Clearing House ‘s (TCH) Real-Time Payments Network (RTP), run by big banks. Banks have a difficult choice between TCH’s RTP network and the new kid on the block, FedNow. In fact, in 2023 , real-time payments only made up one per cent of all payments in the country.
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