Independent Banker - January 2024 - 51

is that the money moves and settles
in real time.
" Some [other payments
services] are not doing real-time
gross settlement, but they're
considered real-time payments [by
participants], " says Rusiru Gunasena,
senior vice president of RTP product
management and strategy for TCH.
" The sender can send a payment,
and the recipient can receive those
funds in real time, but the settlement
happens through the ACH or card
rails [at a later time]. "
USE CASES: Use cases run the
gamut from earned wage access
(EWA) and gig worker payments
to mortgage closings, account-toaccount
transfers, auto sales and
more. Consumer bill pay is also high
on the list. According to Gunasena,
TCH is " looking to revolutionize
consumer bill payments with the RfP
functionality, which is the request for
payment or request to pay feature. "
THE FUTURE: Regarding what lies
ahead for the RTP network, TCH
will continue to work with financial
institutions, fintechs and other
payments platform providers to
grow use cases. Fraud remains top
of mind and to combat threats, TCH
will continue collaborating with the
Fed and other payments platform
providers and stakeholders.
ACH
WHAT IS IT? The ACH Network from
Nacha processes electronic payments,
enabling businesses, consumers and
government entities to send and
receive payments. The ACH Network
is open for processing payments for
23.25 hours every business day and
settles payments four times daily.
Moreover, Same Day ACH is available
for domestic ACH payments up to
$1 million. For Same Day ACH,
settlement happens in hours on the
same business day.
" Today's ACH Network offers four
key elements that community bank
BRIDGE
COMMUNITY
BANK DOES
IT ALL
Bridge Community Bank in Mount Vernon, Iowa, offers multiple
payment services. The $120 million-asset community bank
participates in RTP, FedNow, ACH and EXCHEQ, which allows
customers to transfer money from their accounts to others
through an app on their mobile devices. The app accommodates
Same Day ACH and recently added RTP and FedNow.
" We're a particularly small bank, but it's essential for our bank
and community banking peers to stay relevant in payments, "
CEO Bob Steen says. " And what we've done and accomplished,
we've done without a direct integration into our core. "
Bridget Community Bank's overlay product is EXCHEQ over the
Open Payment Network platform. " If I send a real-time payment
and the receiver does not offer FedNow, EXCHEQ will decide in
milliseconds to send an RTP payment, " Steen explains. " If they're
not an RTP receiver, it will default in milliseconds to Same Day
ACH. " While the payment may take hours instead of seconds, it
will still arrive at the recipient's financial institution the same day
or early the next day.
Bottom line? Community banks and their customers want
choices, and today's fintech solutions and open-banking API
solutions can give them just that.
" We've given too many of our services away, which comes at
a high cost, " Steen says. " And for a small bank, the table stakes
are disproportionately high to get a product in place. So, my
advice would be to do what we've done, accomplish what we've
accomplished. If we can do it, anyone can. "
independentbanker.org // 51
http://www.independentbanker.org

Independent Banker - January 2024

Table of Contents for the Digital Edition of Independent Banker - January 2024

Contents
Independent Banker - January 2024 - Cover1
Independent Banker - January 2024 - Cover2
Independent Banker - January 2024 - Contents
Independent Banker - January 2024 - 2
Independent Banker - January 2024 - 3
Independent Banker - January 2024 - 4
Independent Banker - January 2024 - 5
Independent Banker - January 2024 - 6
Independent Banker - January 2024 - 7
Independent Banker - January 2024 - 8
Independent Banker - January 2024 - 9
Independent Banker - January 2024 - 10
Independent Banker - January 2024 - 11
Independent Banker - January 2024 - 12
Independent Banker - January 2024 - 13
Independent Banker - January 2024 - 14
Independent Banker - January 2024 - 15
Independent Banker - January 2024 - 16
Independent Banker - January 2024 - 17
Independent Banker - January 2024 - 18
Independent Banker - January 2024 - 19
Independent Banker - January 2024 - 20
Independent Banker - January 2024 - 21
Independent Banker - January 2024 - 22
Independent Banker - January 2024 - 23
Independent Banker - January 2024 - 24
Independent Banker - January 2024 - 25
Independent Banker - January 2024 - 26
Independent Banker - January 2024 - 27
Independent Banker - January 2024 - 28
Independent Banker - January 2024 - 29
Independent Banker - January 2024 - 30
Independent Banker - January 2024 - 31
Independent Banker - January 2024 - 32
Independent Banker - January 2024 - 33
Independent Banker - January 2024 - 34
Independent Banker - January 2024 - 35
Independent Banker - January 2024 - 36
Independent Banker - January 2024 - 37
Independent Banker - January 2024 - 38
Independent Banker - January 2024 - 39
Independent Banker - January 2024 - 40
Independent Banker - January 2024 - 41
Independent Banker - January 2024 - 42
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Independent Banker - January 2024 - 45
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Independent Banker - January 2024 - 50
Independent Banker - January 2024 - 51
Independent Banker - January 2024 - 52
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Independent Banker - January 2024 - 54
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Independent Banker - January 2024 - 65
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Independent Banker - January 2024 - Cover3
Independent Banker - January 2024 - Cover4
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