Open Payment Network partners with Bankers' Bank

By enabling financial institutions to deliver quick payments anytime, anyplace, OPN helps them attract and keep more consumers while staying ahead of the competition. Financial institutions may become the conduit for quick payments over the internet and mobile devices by linking to OPN's secure technology platform. The OPN platform interacts with current core systems and transfers payment value and accompanying data in real time for instant settlement. Financial institutions may provide their clients, fintech developers, and internal teams access to the OPN API, allowing them to construct apps such as fast mortgage payments, payroll processing, and peer-to-peer payments.

Bankers' Bank supports a diverse range of Community Banks in the US, with assets ranging from USD 30 million to USD 10 billion. As a bank for banks, its mission is to collaborate rather than compete with its customers.OPN integrations allow TCH-RTP and Fed Now send/receive/RFP capabilities. Respondent banks will be able to provide additional services to their consumers as a result of this capacity.

Delivering instant payments

Instant payments enable consumers and companies to trade swiftly and effectively. Consumers demand real-time access to products and services, including payments, in today's fast-paced digital environment. Businesses may provide a better client experience, eliminate friction in the payment process, and increase customer satisfaction by accepting fast payments. Furthermore, instant payments can help businesses get paid faster, reducing cash flow issues and improving financial health.

Instant payments can also assist to decrease fraud and increase security. Traditional payment methods, such as cheques and wire transfers, are susceptible to fraud since they might take days or even weeks to process. Instant payments move cash instantly, lowering the risk of fraud and making it easier for businesses to detect and prevent fraudulent behaviour. Furthermore, because they frequently incorporate advanced security features such as biometric authentication and encryption, instant payments can be more secure than traditional payment methods.

Finally, instant payments are critical for increasing financial inclusion and decreasing financial inequality. Traditional payment methods might be difficult or impossible to access for certain groups, such as individuals who do not have a bank account or live in remote areas. Instant payments may make the digital economy more accessible and inclusive by allowing anyone to engage in it and reap the advantages of financial services. Instant payments can assist to minimize financial inequality and promote economic opportunities for all by increasing financial inclusion.