This week’s round-up of the latest innovations in payment rails for B2B payments shows a focus on improving existing rails – and encouraging the introduction of new ones.
To this end, a FinTech enables the intelligent routing of transfers over existing tracks, while a financial service provider for credit unions (CUs) offers finance management services to enable payments in real time.
In addition, a FinTech for data analysis has become a preferred partner of Nacha for the ACH account validation.
Orum countries $ 21 million to speed money movement times
While Orum works to expedite bank payments over existing rails, Orum has raised $ 21 million in a Bain Capital-led Series A financing, Forbes reported.
Orum’s foresight offering gathers information about relationships with financial institutions (FI) and assesses the risk of a transaction through machine learning (ML). In addition, the company’s Momentum product intelligently guides transfers via rails, including the automated clearing house (ACH).
First Horizon, a Tennessee-based bank, and SoFi, the digital bank, are among Orum’s 15 clients. Orum reportedly has 50 customers on its waiting list.
Corporate One Funding Management goes live for CUs with RTP Network
To drive the adoption of real-time payments, Corporate One Federal Credit Union, a wholesale financial services provider to CUs, said its funding agent service is now accessible to CUs through The Clearing House’s Real-Time Payments (RTP). Network. The offer enables these financial institutions to manage their financing around the clock.
According to an announcement made Tuesday (April 13th), Crane Credit Union will be the first CU to use Corporate One as a funding partner. This CU is now only ready for reception in the RTP network while it is integrated via the JHA PayCenter from Jack Henry & Associates.
“Financial institutions of all sizes can leverage Corporate One’s funding management expertise and Jack Henry’s technological connectivity to easily participate in the real-time payments revolution,” said Steve Ledford, senior vice president of Product Strategy and Development at The Clearing House said in the announcement.
Tranglo uses existing rails to facilitate cross-border payments
Tranglo offers businesses a virtual account service that allows them to send and receive money internationally without having to open separate bank accounts by using existing rails. Using the application programming interface (API), Tranglo connects to pre-existing payment rails to transmit transaction instructions and then uses its own payment processing network to enable local payout.
CEO Jacky Lee researched in a previous PYMNTS interview why the correspondent banking system is still so sticky and what third-party financial technology firms can do to alleviate major international money movement problems for businesses.
In March, Ripple announced plans to acquire a 40 percent stake in Tranglo in a deal highlighting distributed ledger (DLT) technology.
Advanced fraud solutions, access to Softek to combat outgoing payment fraud
To enable financial institutions (FIs) and corporations to keep track of outgoing checks and ACH payments, software company Advanced Fraud Solutions (AFS) has partnered with digital banking technology company Access Softek to detect deposit fraud. AFS Positive Pay will be linked to Access Softek’s Access Commercial offering.
FIs and corporations will receive instant notifications when payment details are flagged as “potentially suspicious,” according to an announcement made Tuesday (April 13). Access Softek’s founder and CEO, Chris Doner, said in the announcement that the new connection will serve to “immediately strengthen vendor and payroll fraud protection for our banking partners.”
Accelitas becomes Nacha Preferred Partner for ACH account validation
Accelitas, a FinTech for data analysis, has become a Nacha Preferred Partner for ACH account validation according to an announcement on Wednesday (April 14th). The company offers instant ACH validation for low-cost account validation exams. It provides more in-depth account verification for loans under different types of high value transactions.
“We are proud to be Nacha Preferred Partner and look forward to working with complementary organizations to drive efficiency and innovation across the ACH network,” said Accelitas CEO Greg Cote in the announcement.
NEW PYMNTS DATA: 58 PERCENT OF MULTINATIONAL COMPANIES USE CRYPTO CURRENCY
Above: Despite their price volatility and regulatory uncertainty, new PYMNTS studies show that 58 percent of multinationals are already using at least one form of cryptocurrency – especially when transferring money across borders. The new survey on Cryptocurrency, Blockchain and Global Business, a collaboration between PYMNTS and Circle that surveyed 500 executives, examines the potential and pitfalls crypto faces on its way into the financial mainstream.