Open Payment Network Acquires ExcheQ Instant Payment App from North American Banking Company
App enables customers to send and receive instant payments between and financial institution using the FedNow Service® or the RTP® Network
PLEASANT GROVE, Utah, November 8, 2024 – Open Payment Network today announced that it has acquired ExcheQ, a payment application from North American Banking Company (NABC) that gives financial institutions an easy to use instant payment app to offer their customers. ExcheQ provides the capability of sending and receiving instant payments using FedNow Service and TCH-RTP network. OPN recently launched the app on the Google Play Store, with availability on the Apple App Store coming soon.
“We’re thrilled to introduce ExcheQ, a groundbreaking instant payment solution for our partners and customers,” said Bradley Wilkes, CEO of Open Payment Network. “With ExcheQ, we’re opening up a new world of fast, flexible payment options that make transactions simpler and faster than ever before.”
Leveraging OPN’s interoperability with FedNow and the TCH-RTP network, financial institutions can gain access to all of the other financial institutions on those payment networks. Using OPN’s open API, financial institutions can easily create custom instant payment applications for their customers and rely on OPN to power those solutions across the two networks.
“The Clearing House certified our platform earlier this year to interoperate with the RTP network,” added Open Payment Network CEO Bradley Wilkes. “With our ability to connect to this expansive real-time payment network, we can now deliver the benefits of instant payments to more financial institutions.”
Real-time payments are facilitated by The Clearing House RTP network and the FedNow service. OPN is interoperable with RTP and FedNow.
About Open Payment Network™
Open Payment Network (OPN) helps financial institutions attract and retain more customers and stay ahead of the competition by enabling them to deliver instant payments anytime, anywhere. By connecting to OPN’s secure technology platform, financial institutions become the gateway for instant payments via Internet and mobile device. The OPN platform integrates with existing core systems and moves payment value and associated data in real time for immediate settlement. Financial institutions can provide access to the OPN API so business customers, fintech developers and internal teams can create applications such as instant mortgage payments, payroll processing, and peer-to-peer payments. Visit openpaymentnetwork.us.
About the FedNow® Service
The Federal Reserve Banks developed the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions—regardless of size or geographic location—around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals can send and receive instant payments at any time of day, and recipients have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access is provided through the Federal Reserve’s FedLine® network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit FedNowExplorer.org.
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 real-time payments. 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 financial institutions. In 2017, The Clearing House revolutionized U.S. payments by introducing 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.
About North American Banking Company
North American Banking Company (nabankco.com) is a locally owned and operated community bank with over $1 billion in assets with locations throughout the Twin Cities. North American Banking Company was the 23rd largest ACH ODFI in the US by transaction volume in 2021 but remains true to its community bank roots by providing customized solutions and personalized service to Third Party Senders and Independent Sales Organizations for both ACH and Card processing and Money Services Businesses throughout the US. It is a Member FDIC and Equal Housing Lender.
For OPN, please contact:
Bruce Law