It's Time... for Real-Time Payments Processing
Written by David Peterson
The world is ready for real-time payments and CheckAlt is ready to lead this transition. The acquisition of U.S. Dataworks in September 2020 sets CheckAlt apart with a technology platform proven to accept any of the existing real-time payments options or the ones soon to be announced.
Both consumers and corporations want a smooth transition where real-time payments are accepted and processed with the same degree of scalability, integration, and simplicity as any legacy payment type, including checks. Therefore, is the true value of real-time payments mired in a web of batch-oriented systems that were not created specifically to operate in real-time? If so, how does CheckAlt cut through this web?
CheckAlt’s Clearingworks system is specifically designed as a real-time payments engine. All of its functionality—from the database through the business process layer and user interface—work in real time. Originally designed by U.S. Dataworks, now a CheckAlt company, Clearingworks was tested using bitcoin to ensure that it would operate in a manner that enables any existing or proposed real-time payment.
The flexibility of Clearingworks allows CheckAlt to design and deploy various payment applications that address specific needs of our financial institution and business clients. To meet those needs, applications were created on the real-time engine that were not real time. ACH, check imaging, and adjustments processing services, integrated receivables solutions, and most recently, Payment Case Manager, were all created using the Clearingworks platform—yet none of these are real-time payment applications.
There are correspondent financial institutions that are considering Clearingworks to address the need to provide a real-time push credit for their respondent institutions. However, this is just one of multiple options where the power of the Clearingworks real-time payments engine and its ability to configure virtually any payment processing event can be harnessed to great advantage.
If you are a financial institution looking for a custom real-time payment app or a fintech seeking a partner to increase your capability to deliver on the promise of real-time payments, please call me at 229-630-1000 or email me at David.Peterson@checkalt.com.