– Leading core provider gives community banks a head start and a leg up on faster funding –
HUTCHINSON, KAN., September 9, 2021 – Community bank clients of Data Center Inc. (DCI), the privately-owned developer of iCore360® and iCoreGO™ banking software, can now receive real-time payments via the RTP® network, the real-time payments system from The Clearing House.
DCI is one of a few leading core providers that are now live with real-time payments, giving banks and their customers immediate funding with payments that travel directly from one institution to another within seconds, potentially reducing overdrafts and other issues associated with payments that may settle at a later date.
DCI’s first client on the RTP network is Southwest National Bank in Wichita, KS. Trish Minard, the bank’s president and CEO, said, “We are a full-service bank that handles a staggering volume of transactions from many sources. Within minutes of going live, we were receiving payments instantly. For us, the benefits of real-time payments and the integration with iCore360 cannot be overstated.”
Upon going live, the bank instantly began seeing real-time transactions from other banks on the RTP network that serve companies such as Square, GrubHub, Paypal, Venmo and others. All DCI banks now have the option of being able to receive instant funding from those sources and more, 24/7/365, with customer use of those payment methods likely to increase as a result.
Sarah Fankhauser, DCI president and CEO said, “We are proud to be among the first core providers to bring real-time payments to any community bank anywhere in the U.S., giving them the same access to this technology as the very largest financial institutions.”
Minard added, “We appreciate DCI’s ability to employ cutting edge technologies to allow us to continue to provide faster, safer, better products for our customers.”
DCI is now implementing the ability to send real-time payments (expected Q1 2022), included as part of the cash management functions of its digital GoBanking app. The ability to send payments at wire-like speeds will be at a reduced cost.
Keith Gray, Vice President of Strategic Partnerships for The Clearing House, said, “The DCI development team and their open, API-driven core technologies made this a smooth process for Southwest National Bank. iCore360 banks can now benefit from faster, safer, and smarter digital banking, which will increase customer satisfaction.”
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