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Industry roundup: 5 May 2020

GreenBox POS enables same day ACH payment option

GreenBox POS has announced that it is making same day ACH payment options in the US available on its proprietary blockchain ecosystem. The firm says it saw the need when it recognised that some of its clients struggled with managing their cash flow in recent months, exacerbated by subsequent COVID-19-related restraints.

The company says it recognises that a business’s response to inventory is already challenged by time and resources but are near impossible to manage now. Unique business challenges and opportunities require new tools to control cash flow. As such, GreenBox’s platform now integrates faster ACH payment engine, enabling same day ACH.

Typically, an ACH issued before a day’s cut-off time (typically 6pm EST), is received in an individual client’s bank account the following morning. Now, approved GreenBox clients can opt to receive an ACH within the same business day, provided funds are requested prior to 11am EST. Now, an ACH request can be fully realised in the span of a few hours. This service is now fully automated and integrated into GreenBox’s proprietary technology platform.


100 FIs to provide real-time payments with Jack Henry

Jack Henry & Associates has announced that more than 100 financial institutions are implementing its faster payments hub, JHA PayCenter, to connect to Early Warning Services’ Zelle Network and The Clearing House’s RTP network.

Jack Henry says it is the first third-party service provider to connect a financial institution, Dallas-based Pegasus Bank, to the RTP network and process live transactions. The US$750m asset bank is offering its commercial customers and consumers the ability to receive real-time payments sent by account holders from other participating financial institutions without incurring interbank settlement risk. The real-time payment capabilities provided by the RTP network also enable Pegasus Bank customers to receive real-time credit transfers initiated from third-party payment apps. More than 50 additional Jack Henry clients are scheduled to go live on the RTP network by calendar year-end.

JHA PayCenter is a proprietary payments hub that provides seamless connections to the Zelle and RTP networks, enabling near-real-time payments to be sent and received through Jack Henry’s core and digital solutions. JHA PayCenter is designed to eliminate the expense and resources required for institutions to build their own connections to the faster payment networks and expedites speed-to-market with implementing real-time payments. It also provides access to an operational infrastructure and payments expertise. The company says this payments hub will also provide a single integration point with future faster payment networks.


Bank of Canada implements ION Openlink trading, treasury, and risk management solution

ION has announced that the Bank of Canada is now live on Openlink version 17, ION’s front-to-back office trading, treasury, and risk management solution. Since 2001, the Bank has used the solution to manage straight-through processing from the front office to the back office, including risk valuation, reporting, and accounting.

Available on-premises or in the cloud, Openlink version 17 addresses the changing nature of payments, and includes new workflows for corporate actions, and collateral management. Flexible collateral management modules enable central and regional banks, asset managers, buy-side firms, and financial institutions to optimise the collateral lifecycle to accommodate bespoke business practices and requirements, while enhanced real-time risk analytics are designed to enable more effective portfolio management.

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