The instant payment system utilises a good funds model to validate accounts in real time for existence, standing, and sufficient funds before transfers. Credit: simonizt/Shutterstock.

Payment solutions provider Alacriti has joined forces with omnichannel digital banking provider Access Softek to offer advanced payment solutions for financial institutions.

The solutions include instant payments through the RTP network and FedNow Service, fully integrated into Access Softek’s digital banking platform.

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This collaboration aims to modernise payment operations for financial institutions, meeting the rising demand for real-time transactions and integrated payment systems.

Incorporating Alacriti’s Orbipay Payments Hub with the Access Digital Banking Platform offers financial institutions seamless real-time payments within their existing ecosystem.

Access Softek strategic relationships vice president Anna Khalzova said: “At Access Softek, we are committed to delivering industry-leading digital banking solutions that exceed customer expectations.

“Partnering with Alacriti to offer Orbipay Payments Hub for Instant Payments aligns with our mission to provide cutting-edge, omnichannel solutions that enable real-time, seamless money movement.”

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Benefits of the integration include real-time payments, which enable institutions to meet consumer demands for quick services.

The solution enables financial institutions to offer lower-cost money transfers than traditional wire transfers, reducing transaction fees.

The instant payment system uses a good funds model, validating accounts for existence, standing, and sufficient funds in real time before transfers.

Furthermore, the platform enables financial institutions to stay ahead of market demands, offering flexible solutions that grow with their requirements.

Alacriti strategic partnerships senior director Eric Kugle said: “We are excited to join forces with Access Softek, extending our reach and providing institutions with the tools they need to offer seamless real-time payments in various uses.

“Orbipay Payments Hub enhances the Access Digital platform by adding instant payment capabilities that empower financial institutions to improve customer experience and drive growth.”