TAB Bank, a full-service digital bank that services SME customers in all 50 states, selected Volante Technologies, the global leader in cloud payments and financial messaging, to help the bank provide real-time payments over the RTP® network to its already digital customer base.
As part of the partnership, TAB Bank will implement Volante U.S. Real-time Payments as a Service, an end-to-end solution for the entire real-time payment processing lifecycle, from initiation through to clearing and settlement connectivity, managed as a service in the cloud.
While TAB Bank started out as a banking service that operated inside truck stops, 20 years later, it now provides custom working capital solutions to commercial businesses across a wide range of industries. In its pursuit to make banking easier and more intuitive, it has always been a completely mobile online solution. Innovation has always been part of its DNA and adding real-time payments capability will ensure that the bank can stay ahead of the curve and its customers can capture their piece of the American dream in a heartbeat.
“At TAB Bank, we are completely obsessed with making our clients happy and watching them succeed. That’s our story,” said Michael Palmer, Chief Operating Officer, TAB Bank. “Therefore, we are constantly working to ensure that our solutions meet the needs of the ever-changing payment landscape. We want to partner with industry innovators and experts. Volante checks these boxes.”
“More so, with Volante we can ride the real-time payments wave and be an early adopter without any of the technical hurdles associated with launching a real-time payments offering,” he continued.
Volante U.S. Real-time Payments as a Service will ensure TAB Bank can get a resilient, secure offering up and running in a matter of weeks without significant infrastructure investment or IT department resource allocation.
Via the RTP® network from The Clearing House, TAB Bank clients will be able to receive funds instantly. Tab Bank plans to add the ability to send real-time payments in the near future. In the longer run, the bank will further explore utilizing its open banking platform to employ real-time payments in a variety of creative ways for its customers.
“We’re pleased that TAB Bank is joining the over 100 financial institutions already live on the RTP network,” said Keith Gray, Vice President, Strategic Partnerships, The Clearing House. “Through Volante, TAB Bank will be able to participate on the RTP network and capitalize on these opportunities without a huge investment or a huge technical lift.”
This isn’t Volante’s first real-time payments rodeo. Volante’s payment processing solution played a key role in the initiation of the first payment on the RTP network in 2017, and the fintech is also a member of the U.S. Faster Payments Council and the FedNowSM Pilot Program. Its cloud-native and API-first solutions are also an ideal fit for the demands of ISO 20022-based instant payments networks.
“Payments are getting faster and are key to payments modernization. TAB Bank’s online-only customer base depends on digital experiences that are easy-to-use and connected. Adding real-time payments functionality will open up opportunities for much requested use cases such as payroll, merchant funding, bill pay and government payments and ensure that their customers can continue to enjoy TAB Bank’s great customer experience far into the future,” said Deepak Gupta, Global Head of SaaS, Volante Technologies.
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