CORE BANKING, PAYMENTS

Sending Payments in Real Time: Regions Bank Launches Digital Solution for Business Clients

Regions Financial Corporation | October 12, 2022 | Read time : 04:00 min

Sending Payments in Real Time: Regions Bank Launches Digital Solution
Regions Bank on Tuesday announced the launch of a digital solution enabling Corporate Banking clients to send real-time payments through the RTP® network from The Clearing House. The new real-time payments service is part of Regions’ iTreasury platform, which offers a wide range of competitive financial management options for businesses through Regions’ Treasury Management division.

“This latest enhancement is part of our commitment to providing a seamless and intuitive customer experience, Our team takes a holistic approach toward understanding the needs of businesses and delivering solutions that help companies improve their cash flow while cutting down on time-consuming processes and reducing their risk. The ability to send and settle digital payments within seconds will help our clients focus more of their time on efficiently managing successful companies while we provide an even deeper level of financial solutions.”

- Bryan Ford, head of Treasury Management for Regions Bank

Currently, Treasury Management clients can receive payments in real time. Now, with the added ability to send payments in real time through Regions iTreasury®, clients can instantly process digital payments for any number of needs, ranging from payroll and insurance, to facilitating business-to-business payments, delivering broker commissions, and providing other disbursements. This brief video illustrates how the system works efficiently and effectively.

Clients access Regions iTreasury in their office or on the go through Regions OnePass®, the bank’s secure, central sign-on application. The ability to send real-time payments is one of many enhancements Regions has made over time to its Treasury Management services. Those enhancements extend beyond payments and include modernized file delivery methods, secure application programming interface (API) connections, and other emerging technologies.

Further enhancements on the horizon for Regions’ Treasury Management clients include the upcoming launch of Regions CashFlowIQSM. This new tool, scheduled to launch in 2023, is designed to improve cash flow for clients by providing seamless accounts payable, accounts receivable, invoicing, and business bill payment capabilities for small and mid-sized businesses.

We are driven by a mindset that’s focused on continuous improvement – consistently envisioning ways we can deliver greater value through tailored services, insights, and guidance, In many ways, our team serves as an extension of our clients’ teams by connecting businesses with options to help them maximize efficiency. Sending payments in real time is the latest example, and we look forward to delivering even more enhanced solutions in the near future, Ford concluded.

About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $161 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,300 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC.

Spotlight

A Utah-based fintech company, Atomic recently decided to partner with Galileo because of the customer overlap and because what they have built ties in nicely with what Galileo offers. Atomic's mission is to help the most financially vulnerable people in our society by enabling employment verification and direct deposit switch.

Spotlight

A Utah-based fintech company, Atomic recently decided to partner with Galileo because of the customer overlap and because what they have built ties in nicely with what Galileo offers. Atomic's mission is to help the most financially vulnerable people in our society by enabling employment verification and direct deposit switch.

Related News

FINANCIAL MANAGEMENT

Finastra and Jifiti Form Strategic Alliance to Deliver Next-Generation White-Labeled Embedded Finance to Global Financial Institutions

Finastra | November 08, 2022

Finastra, a global provider of financial software applications and marketplaces, and Jifiti, a leading global fintech company, today announced a collaboration to extend embedded finance capabilities to all financial institutions in the Finastra BaaS (Banking as a Service) ecosystem. Banks will be able to deliver financing offerings to consumers via merchants at point-of-sale, providing a better digital customer experience and choice for end users. Buy Now, Pay Later (BNPL) is a key component of the fast-growing embedded finance space, and with Jifiti's white-labeled platform financial institutions can easily embed financing or split pay offerings at any merchant's point-of-sale at scale - online, in-store and via call center. Financial institutions that work with Finastra to power core banking capabilities will benefit from pre-integration of Jifiti's platform with Finastra's systems. The simple cloud deployment is available via Finastra's FusionFabric.cloud open development platform. "Complementing the recent launch of our BaaS embedded consumer lending proposition, we look forward to leveraging Jifiti's best-in-class retail point-of-sale solution to give financial institutions a simple way to provide a seamless, embedded finance offering with a fully digital-first experience, The move further enhances our BaaS proposition at Finastra and forms part of our commitment to being a leading orchestrator in financial services." -Jeannette Kescenovitz, Sr. Director Solution Management, BaaS & Orchestration at Finastra Jifiti's modular platform supports every point-of-sale financing option, including installment loans, lines of credit, split payments and B2B financing. Because the platform is white-labeled, financial institutions and merchants retain full customer and data ownership. At Jifiti we're committed to facilitating responsible, accessible and affordable financial solutions, and have always regarded banks and financial institutions as the future of BNPL. We're excited to be working with Finastra to help financial institutions transform their consumer financing programs and promote their own brands to end users at any point-of-sale, stated Yaacov Martin, CEO and Co-Founder of Jifiti. About Finastra Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by ~8,600 institutions, including 90 of the world's top 100 banks. About Jifiti Jifiti is a leading fintech company that powers point-of-sale financing for banks, lenders and merchants. The company's white-labeled Buy Now Pay Later (BNPL) platform provides banks and lenders with state-of-the-art technology to easily deploy and scale their competitive consumer loan programs at any merchant's point of sale - online, in-store and via call center. With its multi-national presence, Jifiti provides end-to-end point-of-sale financing solutions to global brands in any international market. Jifiti works with leading financial institutions including Mastercard, Citizens Bank, CaixaBank, Credit Agricole, and retailers such as IKEA, Walmart and others worldwide.

Read More

FINANCIAL MANAGEMENT, FINTECH

Papaya Global Named One of GGV Capital's Top Fintech Startups

Papaya Global and GGV Capital | February 02, 2023

On February 1, 2023, Papaya Global, a SaaS fintech firm that provides global payroll and payments technology, was nominated to GGV Capital and Crunchbase's Embedded Fintech 50, a ranking of startup investors' most promising fintech startups. In order to select the 50 winners, GGV Capital brought together 57 investment firms to submit nominations and vote. The fact that the Embedded Fintech 50 has raised a total of $12 billion shows that venture capitalists are optimistic about the industry's future. Eynat Guez, Co-Founder and CEO of Papaya, remarked, "This important investor recognition from the fintech industry reinforces our goal of educating companies on the advantages of a fintech approach to global payroll and payments." She further added, "Global payroll and payments are complex and as such need to be automated, visible at all times, fast and accurate. With our industry-leading capabilities of delivering payments within 72-hours, we are showing the power of embedded fintech within global payroll. What we're doing allows our enterprise clients to effectively and efficiently manage their global workforces." (Source – Cision PR Newswire) Hans Tung, Managing Partner at GGV Capital, stated, "Embedded fintech is a bright spot in today's market, and it is exciting to see how companies are democratizing access to financial services through technology." "We are excited for the continued development of the embedded fintech landscape and further creative innovations to come. Congratulations to the Embedded Fintech 50 honorees!" he concluded. (Source – Cision PR Newswire) About Papaya Global Papaya Globalis revolutionizing payroll, payments, and workforce management. Its global platform streamlines the HR processes of over 160 countries, from recruitment to onboarding, management, and compensation. The cloud-based service is scalable and easy to use. It also offers cutting-edge business intelligence and analytics, and guarantees full compliance. About GGV Capital GGV Capital makes multi-stage, sector-focused investments worldwide. The company invests in founders starting category-leading businesses worldwide, believing that talent can come from anywhere. The company has offices in San Francisco, Shanghai, and Beijing. It has invested $9.2 billion in the US, Canada, China, Southeast Asia, India, Latin America, and Israel.

Read More

FINANCIAL MANAGEMENT, FINTECH

Figure Technologies Launches Ready Life Partnership to Increase Mortgage Access

Figure and Provenance | November 11, 2022

Figure Technologies, Inc., a leader in transforming financial services through the power of blockchain technology, announced the launch of its partnership with Ready Life, a rising fintech disrupting the mortgage industry. Through their mobile app, customers of Ready Pay can apply to obtain a mortgage without a credit score, leveling the playing field for many consumers looking to own a home. On the Ready Pay platform, customers who pay their rent on time using the Ready Pay Visa® Debit Card or Ready Pay digital account will qualify for mortgages without a credit score review. The app, powered by Figure Payments Corporation, will be first released to a wait list of customers. "For too long, people who consistently pay their rent on time have been shut out of home ownership, As we make banking and financial services accessible and equitable for all, we are aiming to open homeownership to many more people, providing them a chance at the American dream and fundamentally changing how people view mortgages." -Ashley D. Bell, the CEO of Ready Life In September, Figure announced the launch of its new banking and payment business. Figure Payments Corporation, known as Figure Pay, delivers Banking as a Service (BaaS) offerings through a highly scalable, quickly deployable API-driven platform. Figure Pay offers two platform alternatives, one focused on fintech, non-banks, and retailers, and one for banks. For Fintechs, non-bank lenders, and retailers, Figure Pay offers a comprehensive solution, including the BaaS core system, Visa issuer processing, regulatory support, and a complete back office, including staff, if required. With the launch of Ready Pay, Figure is able to highlight how our technology serves as a banking and payments solution for consumers who have struggled to obtain a traditional mortgage, Our capabilities have proven successful, and we will continue to find new ways to provide services that consumers need,says Tony Morosini, Figure Pay's General Manager. Figure and Ready Life have selected Provenance Blockchain, where all transactions will be recorded. Provenance is purpose-built for financial services, and today more than 50 financial institutions actively issue, manage, and transact real-world assets in natively digital format at scale across alternative assets, capital markets, lending, and payments. About Figure Pay Figure Pay is a one-stop-shop banking and payments solution unlocking material savings and efficiencies. Banking in a Box, Figure Pay's BaaS offering, gives customers a comprehensive foundation for building enterprise banking and payment solutions, all via seamless API integrations. The platform delivers key solutions for retailers, fintechs, and banks. About Figure Figure is transforming financial services through blockchain, continuing to unveil a series of fintech firsts across the capital markets, investment management, and banking and payments sectors. Figure leverages Provenance Blockchain for loan origination, servicing, financing, and now private fund services. The company was founded in 2018 by serial technology entrepreneur Mike Cagney, who also founded SoFi and built the company into a multi-billion-dollar business under his leadership as CEO. About Provenance Provenance Blockchain is built specifically for the financial services ecosystem. Leading financial institutions and fintechs leverage Provenance Blockchain to enable the entire digital asset lifecycle to deliver material business and customer value. Provenance Blockchain is successfully transforming lending, securitization, payments and exchanges, and has supported over $10 billion in transactions. Provenance Blockchain's native utility token, HASH, is used to pay transaction fees and enable governance.

Read More