Fifth Third Bank, AvidXchange Win the RTP® Network Buildathon
Building the first payment rail, the RTP® network, for the American banking system in 40 years is just the start. Along with aiming for 100% adoption by U.S. banks, The Clearing House is pushing for large and small financial institutions and fintech firms to build business solutions that take full advantage of the functionality available on the RTP network.
That’s what brought together 13 teams to submit 17 business-to-business solutions that aim to “enhance the digitization, transparency, and automation of B2B payments, leveraging the real-time payments and enhanced messaging capabilities inherent in the RTP network.”
The RTP Buildathon was sponsored by Carolina Fintech Hub, Oracle, Yodlee, and TCH, and the teams competed for Best Consumer Solution, Best B2B Solution, Enabling the Next Digitally Native Business, and Back-Office Improvement.
“TCH felt the buildathon would be a good way to highlight the flexibility of the RTP network in addressing many use cases across the industry,” said Peter Davey, Vice President of Product Innovation at TCH.
“We work with some of the largest financial institutions and many fintechs,” said Patrick Rivenbark, Chief Operation Officer at the Carolina Fintech Hub.” They really want to focus on solving problems and the RTP Network Buildathon provided an opportunity to apply new technology to the payments experience with a challenge that would be exciting for all of our partners.”
The Overall Winner of the RTP NetworkBuildathon was a joint effort between AvidXchange and Fifth Third Bank in the Best B2B Solution category. “The submission from AvidXchange and Fifth Third Bank enhanced the accounts receivable/accounts payable automation with supplier alerts to provide discounts to buyers, real-time funds availability inquiry capabilities, immediate supplier payments, and full payments transparency between the parties,” according to the TCH announcement.
Check out the press release that describes all of the RTP Network Buildathon winners.