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Case study

Regional US Bank Builds Real-Time Payments Functionality To Modernize Products and Increase Market Value

Finance and Banking

Challenge

After making strides to develop RTP processing capabilities in-house, a regional US bank realized a need for an external evaluation to help their project cross the finish line. To complete this large-scale project, they needed specific expertise in RTP ISO 20022 specifications.

Outcome

Supported by our team’s dedicated resources, the bank was able to develop the TCH RTP Receive persona, which went live in early 2023. In the first several months post-launch, they reached the milestone of supporting $1M in transactions.

Real-time payments (RTP) have become ubiquitous, and as banks modernize their offerings, many have placed RTP at the top of their priority list. After making strides to develop RTP processing capabilities in-house, a regional US bank realized a need for an external evaluation to help their project cross the finish line. 

Launching a direct connection with The Clearing House (TCH) to access the RTP network consists of several components, including Send, Receive and Request for Payment (RFP), which the bank prioritized in different phases. Looking for specific expertise in RTP ISO 20022 specifications, the bank found the right fit in our team. 

By partnering on this initiative, the bank would be able to validate and improve their existing RTP strategy, create real-time payments personas, and move closer to a full launch. 

Finding support for strained resources

After discovery sessions with the bank, we determined that although this project had high visibility and priority, there were many challenges in execution. The bank had multiple ongoing enterprise initiatives to modernize their technology stack, and resources were strained.  

 

The bank’s main challenges included:   

  • Competing enterprise initiatives and priorities
  • Delays in the RTP Receive implementation project 
  • Staffing limitations led to product development and execution constraints
  • Keeping existing pipelines running while also developing an integration proof of concept

The bank recognized the enormous benefits and opportunities of RTP and wanted to develop a fast path to real-time use cases. Working in conjunction with the bank, our team built the integrated Send and Request for Payment API technology and positioned the bank to offer their clients new capabilities and products as they become a priority in the market.

Tamera Tibbatts

Senior Industry Consultant, Endava

Assembling a team of experts

Helping the bank develop real-time payments personas required deep subject-matter expertise in architectural design, engineering, and product and project management. In December 2021, we assembled a team of experts to conduct a six-week evaluation of the bank’s RTP strategy. From there, we focused on integrating RTP API functionality into their current ecosystem, in addition to conducting manual and automated testing.  

 

Our team of experts included:  

  • Solution architects
  • Product consultants
  • Business analysts 
  • Engineers and testers
  • Project manager and scrum master

Crossing the first finish line

Supported by our team’s dedicated resources, the bank was able to develop the TCH RTP Receive persona, which went live in early 2023. We have also helped the bank prepare to launch Send and RFP personas, which will be ready to certify once additional use case integration work is completed. 

  

With this phase of the project completed, the bank is now well-positioned to scale their modernization efforts and increase their market value. 

 

As of May 2023, the bank has:  

  • Received hundreds of payments and achieved a 99% success rate 
  • Reached the milestone of receiving $1M+ in transactions

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