Carolina Fintech Hub and The Clearing House are empowering innovators to create new products and services leveraging the RTP® Network, TCH’s real-time payments network.
The Carolina Fintech Hub and The Clearing House (TCH), along with Oracle, Yodlee, and Opus Consulting, are hosting a real-time payments “buildathon” based on TCH’s RTP® network. This is the first “buildtathon” leveraging TCH’s RTP network, a real-time payment system that modernizes core payments capabilities for all federally-insured U.S. depository institutions and their customers.
The additional features and characteristics of the RTP network make it the perfect candidate for a buildathon designed to develop innovative products and services for depository institutions and their customers. Some features of the RTP network include enhanced messaging capabilities (Request for Payment, Acknowledgement, etc.), improved delivery confirmation, and 24/7 system availability. These capabilities allow end-users to have contextual conversations about the payments and removes doubt about what happened to a transaction.
The RTP Buildathon will enable companies, startups, and enterprising individuals to create innovative business products and services in one of four distinct challenges:
- Best B2B Solution: There are a lot of payments that go between businesses. This challenge asks participants to create a solution that would change the relationship between businesses through payments.
- Best Consumer Solution: Consumer payments have received a lot of attention recently, but the RTP network opens up a new set of tools to help consumer payments continue to evolve.
- Enabling the Next Digital Native Business: Digitally native businesses are changing everything from banking, mattress buying, and renting homes – how could the RTP network’s powerful payment rails help entirely new, digitally native businesses thrive?
- Back-Office Improvement: Large enterprises deal with large volumes of payments. How could the inner workings of a company change with the RTP network’s capabilities?
The RTP Buildathon will provide teams 2.5 weeks to try new ideas, experiment at the edges, and make a product they think will meet market demands as the RTP network continues to grow.
The finalist for each of the four categories will present their solution at the TCH’s Payments Perspective Conference on June 25th in New York City where one team will be declared the overall winner.
What is the RTP network?
The RTP network is the newest core payments rail to be introduced in the U.S. in more than 40 years. The RTP network was developed to meet the needs of depository institutions of all sizes by providing various options to connect to the system, including directly to the RTP network, or through a third-party service provider, such as a core processor, a hosted gateway, a bankers’ bank or a corporate credit union. The network’s technology was collaboratively designed by the TCH member banks and in complete alignment with the Federal Reserve-sponsored Faster Payments Task Force effectiveness criteria. RTP supports commercial innovation, enabling the development of a wave of products that will allow users to exchange non-payment messages, images, and other value-added features.
Who can participate?
The RTP Buildathon is aimed at anyone willing to innovate in payments using the RTP network. This includes financial institutions (banks and insurance companies), fintech startups, and individuals who wish to participate. As this is a virtual buildathon, teams can participate from anywhere in the US.
Applications close midnight of April 30th.
About the Carolina Fintech Hub
The Carolina Fintech Hub is a non-profit organization focused on advancing fintech and insurtech in the Carolina Region. Carolina Fintech creates programs and organizes the region’s efforts to promote innovation, talent, and lead the next wave of advancement in financial services. We amplify the tremendous growth of the ecosystem, empower entrepreneurs, and make the Carolinas the global fintech and insurtech destination. The Carolina Fintech Anchor Partners include Bank of America, Wells Fargo, BB&T, Ally Financial, AIG, Aflac Ventures, Fifth Third Bank, EY and Cognizant. www.carolinafintechhub.org
About The Clearing House
Since its founding in 1853, The Clearing House has delivered safe and reliable payments systems, facilitated bank-led payments innovation, and provided thought leadership on strategic payments issues. The Clearing House continues to leverage its unique capabilities to support bank-led innovation, including launching the RTP® network, a real-time payment system that modernizes core payments capabilities for all federally-insured U.S. depository institutions. The Clearing House is the only private- sector ACH and wire operator in the United States, clearing and settling nearly $2 trillion in U.S. dollar payments each day, representing half of all commercial ACH and wire volume. As the country’s oldest banking trade association, The Clearing House also provides informed advocacy and thought leadership on critical payments-related issues facing financial institutions today. The Clearing House is owned by 24 financial institutions and supports hundreds of banks and credit unions through its core systems and related services. Learn more at www.theclearinghouse.org.