Alacriti Launches RTP Solution For Financial Institutions
Alacriti is rolling out a new solution that will link banks and credit unions (CUs) with the burgeoning work of real-time payments, or RTP.
The New Jersey-based FinTech on Thursday (Oct. 22) unveiled its Cosmos for RTP solution.
In turn, banks and CUs can give customers access to real-time payment services, in effect by piggybacking on Cosmos for RTP in order to connect with the Clearing House, Alacriti said. This can then help FIs generate new revenue, while avoiding “the burden of significant infrastructure overhauls or capital investments” if they were to try and do this on their own, the company noted in its press release.
“Consumer and business demand for instant, 24×7, any-to-any payment experiences is here. To compete, financial institutions need to deliver tomorrow’s experiences, today,” said Manish Gurukula, CEO of Alacriti, in the press release. “At Alacriti, we’re committed to providing advanced solutions that help financial institutions quickly adapt to customer expectations, business needs and regulatory changes without the time, expense and complexity of overhauling their legacy payment infrastructures.”
In particular, Alacriti said its new Cosmos for RTP “end-to-end solution features ISO 20022 native services, open APIs, integrated fraud detection and monitoring, and connectivity to The Clearing House’s RTP network.” According to the company, “Cosmos’ cloud-native, microservices-based architecture is built for speed, responsiveness and reliability.”
“We are seeing banks and credit unions under more pressure to deliver differentiated customer experiences – like real-time payments – that are a reflection of how today’s businesses and consumers want to bank. Innovative solutions like Alacriti’s Cosmos for RTP enable financial institutions of all sizes to be ahead of the curve in terms of delivering the instant payment services today’s account holders want,” said Erika Baumann, senior analyst for Aite Group, in the press release issued by Alacriti.