SwapsTech has completed the development of its faster payments solution to help financial institutions link into real-time payment capabilities.
The company announced news on Thursday (April 19) that its Payment Galaxy tool is one step closer to being available for banks. The tool offers a payment platform that can support faster payments as well as legacy rails including ACH and Fedwire.
SwapsTech said Payment Galaxy marks its entrance into the U.S. domestic real-time and legacy payments industry after focusing on global foreign exchange and cross-border payments services for commercial banks.
A collaboration with The Clearing House (TCH) enables SwapsTech to leverage TCH’ss real-time payments network RTP, which launched last year, and helps financial institutions (FIs) connect into the faster payments scheme and continue operating legacy payment tools while implementation occurs.
“The payment terrain is shaking and transforming dramatically with disruptive technologies now directly in the hands of customers, and the real-time payment is at the epicenter,” added SwapsTech Head of Treasury Products Raghuram Ramamurthy in a statement. “With Payment Galaxy, banks can easily and quickly connect to the TCH RTP network and start offering real-time payments in just a few short months, while continuing to support legacy system-processed payments — all with a common user experience in one centralized, stable system.”
With the completion of Payment Galaxy, the company is now focusing on validating the real-time payment module with TCH as well as licensing the tool to its first FI customer.
“We are excited SwapsTech is working to build a solution that will make it easy for financial institutions to connect to RTP,” said TCH Vice President of Strategic Partnerships Keith Gray in another statement. “Solutions like Payment Galaxy will drive adoption of RTP and enable financial institutions’ customers to start to realize the benefits of real-time payment faster.”
SwapsTech Head of Treasury Technology Rithesh George added that banks struggle to adopt real-time payments and other digital tools without disrupting customer service. Payment Galaxy, George noted, enables FIs to prevent service disruption while looking into RTP.
“Our Payment Galaxy API opens the door to our unique plug-and-play technology, with drag-and-drop workflow orchestration,” George explained. “This exemplifies SwapTech’s intuitive and visual approach to a banks’ learning and doing and allows the bank to easily customize payment processes to suit to their service standards, internal controls and security requirements.”