US-based MVB Bank has become the first live user of the Real-Time Payments (RTP) Send functionality offered by Victor Technologies, and plans to offer RTP Request for Payment – supporting the faster payments needs of both consumers and businesses.
Victor is part of the MVB Bank group and a subsidiary of MVB Edge Ventures. The company helps banks manage fintech partnerships and compliance through its integrated risk management software as well as APIs for fintechs to embed financial services.
Last year, Victor built a virtual account ledgering solution with a suite of payment APIs to move money via automated clearing house (ACH), wires, and internal transfers, and has now also added RTP.
It works with a domestic banking and payments tech heavyweight, Jack Henry and Associates, whose proprietary faster payments hub, JHA PayCenter, enables immediate payments to be sent and received through MVB Bank’s Jack Henry core banking system.
“Instant payments 24/7/365 is now table stakes and offers a huge competitive advantage for our clients,” says Maf Sonko, head of strategy and operations at Victor.
“The features of the RTP network provide payment finality and certainty, which reduces back-office reconciliation because transactions are now settled in real-time.
“This is especially true for key growth verticals like gaming and crypto where transactions need to be processed at any time regardless of banking hours.”
Tede Forman, vice president of payment solutions at Jack Henry, adds that the vendor’s relationship with MVB Bank and Victor is “the first of its kind”.
Image and article originally from www.fintechfutures.com. Read the original article here.