Madison, WI & New York – Bankers’ Bank, a correspondent bank that specializes in providing banking products to community banks, is now live with its Funding Agent solution and is providing funding and liquidity management services for IncredibleBank℠ on the RTP® network developed by The Clearing House.
Understanding the funding and liquidity management needs of community banks, Bankers’ Bank partnered with CGI, a global end-to-end IT and business consulting services firm and leader in innovative payment programs and solutions, to develop a one-of-a-kind Funding Agent Platform that manages the funding supporting settlement in the RTP network for Bankers’ Bank clients.
“We are excited to bring this first-in-class payments product to our community bank customers to help them meet the real-time payment needs of their customers,” said Brad Stamper, President and CEO of Bankers’ Bank. “Since our inception, we have been a payments innovator for community banks and our Funding Agent solution is the first step in our faster payments strategy to help community banks across the United States more quickly join the RTP network for their customers.”
The new Funding Agent solution from Bankers’ Bank, allows community banks to more easily manage access to the RTP network by eliminating the challenges associated with managing RTP network funding. It helps community banks join the RTP network more quickly by:
- Offering seamless delivery of bank funds to and from the RTP network joint account
- Providing reconcilement reporting and advices to ease daily balancing
- Monitoring funding levels and delivering recommendations of adequate funding for customers based on activities
- Removing back-office calculations and initiations of providing additional funds or drawing down funds
“CGI takes great pride in what we accomplished with Bankers’ Bank, providing IncredibleBank with an efficient, innovative, easy-to-implement payments platform,” said Dave Delgado, Senior Vice-President of U.S. West Operations at CGI. “We look forward to continuing our collaboration and developing additional services for community banks.”
IncredibleBank℠, America’s first online community bank, is now live on the RTP network connected through JHA PayCenter™ from Jack Henry & Associates, Inc.®, a provider of technology solutions and payment processing services primarily for the financial services industry. JHA PayCenter is a payments hub that enables banks and credit unions to provide a real-time payment experience, supported through Jack Henry’s core and digital solutions. It offers a single integration point to the RTP network. Bankers’ Bank is the funding agent for Incredible Bank and will fund and manage the liquidity needed by Incredible Bank in order to participate in the RTP network with its 24/7 liquidity management solution for real-time payments.
“Customer preferences continue to change, and our goal is to implement digital innovations to stay on top of trends and the changing marketplace. In today’s environment, our customers are demanding faster everything, and real-time payments via the RTP network provides faster payments in a safe and secure environment, improving the customers banking experience,” said Kathy Strasser, Executive Vice President and Chief Operating Officer, IncredibleBank℠. “Partnering with Bankers’ Bank and Jack Henry to leverage TCH gives us the confidence that we will be able to achieve these goals, while at the same time providing our customers with banking capabilities that they have come to expect from us, in a cost-effective way.”
Tede Forman, Head of Consumer and Commercial Payments at Jack Henry, said, “There is strong and growing demand from consumers and businesses for real-time payments that move money in the moment of need. We are excited to help our diverse financial institution clients with seamless access to the RTP network and tightly integrated funding agent support. The services provided by funding agents extends the opportunity to participate in the real-time payments network and levels the playing field for community and regional financial institutions.”
The RTP network is the first new core payments infrastructure built in the U.S. in more than 40 years and gives the banking industry a modern platform for domestic payments, complete with rich data capabilities and immediate payment confirmation. The network enables instantaneous settlement and availability, so funds can be used or withdrawn as cash within seconds. By becoming a participant on the RTP network, IncredibleBank joins a growing number of financial institutions offering advanced new capabilities to their customers. The RTP network currently reaches 54% of U.S. demand deposit accounts, offers a flat pricing structure for all depository institutions regardless of size, and does not include volume discounts or have minimum volume requirements.
“It is great to see Bankers’ Bank, CGI, and Jack Henry work together to assist IncredibleBank in offering the cutting-edge benefits of real-time payments to its customers via the RTP network,” said Steve Ledford, Senior Vice President of Product Strategy and Development at The Clearing House. “Having IncredibleBank join the RTP network is exciting for its customers and for TCH, as the network’s reach continues to grow.”
About Bankers’ Bank
Bankers’ Bank, is a bank-owned correspondent based in Madison, Wisconsin, since 1981. Bankers’ Bank is the Midwest’s leading provider of banking services to community banks, with offices in the Madison, Chicago, Des Moines, and Indianapolis areas serving the four-state region and beyond. As an independent source of non-competing financial services, the Bank serves a market of over 700 financial institutions. The Bank does not serve the public so it never competes with client banks for business. More information is available on our website at www.BankersBank.com.
IncredibleBank℠ is a financial institution headquartered in Wausau, Wisconsin with 15 branches in Wisconsin and Michigan's Upper Peninsula. The company's continued emphasis on I.C.E. (Incredible Customer Experiences™) has helped the bank grow to over $1.4 billion in assets.
About Jack Henry & Associates, Inc.
Jack Henry (NASDAQ:JKHY) is a leading provider of technology solutions primarily for the financial services industry. We are an S&P 500 company that serves approximately 9,000 clients nationwide through three divisions: Jack Henry Banking® supports banks ranging from community banks to multi-billion-dollar institutions; Symitar® provides industry-leading solutions to credit unions of all sizes; and ProfitStars® offers highly specialized solutions to financial institutions of every asset size, as well as diverse corporate entities outside of the financial services industry. With a heritage that has been dedicated to openness, partnership, and user centricity for more than 40 years, we are well-positioned as a driving market force in future-ready digital solutions and payment processing services. We empower our clients and consumers with the human-centered, tech-forward, and insights-driven solutions that will get them where they want to go. Are you future ready? Additional information is available at www.jackhenry.com.
About The Clearing House
The Clearing House operates U.S-based payments networks that clear and settle more than $2 trillion each day through wire, ACH, check image, and the RTP® network. It is the nation’s most experienced payments company, with a long track record of providing secure and reliable systems, payments innovation, and strategic thought leadership to banks and credit unions. Most recently, The Clearing House has revolutionized U.S. payments infrastructure with the RTP network, which supports the immediate clearing and settlement of payments, along with the ability to exchange related payment information across the same secure channel. These RTP capabilities enable all financial institutions to offer safer, faster, and smarter digital transaction services for their corporate and retail customers. Learn more at www.theclearinghouse.org.
Founded in 1976, CGI is among the largest independent IT and business consulting services firms in the world. With 77,500 consultants and other professionals across the globe, CGI delivers an end-to-end portfolio of capabilities, from strategic IT and business consulting to systems integration, managed IT and business process services and intellectual property solutions. CGI works with clients through a local relationship model complemented by a global delivery network that helps clients digitally transform their organizations and accelerate results. With Fiscal 2019 reported revenue of C$12.1 billion, CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Learn more at cgi.com.
Tami Haas, Director of Marketing
The Clearing House