Sherpa Technologies and Juniper Payments are collaborating to provide real-time functionality from The Clearing House’s (TCH) real-time payments (RTP) network and make a corporate payments module for correspondents to provide to their financial institutions, among the first initiatives in their partnership, according to a Tuesday (May 4) announcement.
“Through Sherpa’s connectivity to the RTP network, Juniper is able to offer a real-time B2B solution to respondent financial institutions,” Juniper Payments President and Chair Jorge Jimenez said in the announcement. “Enabling payment and cash management solutions for community financial institutions is a core competency for Juniper Payments.”
Juniper has harnessed Sherpa as a certified RTP network third-party service provider (TPSP) for network access to bolster its payment services.
Consequently, a live application programming interface (API) connection linking the platforms of Sherpa and Juniper allows for different payment features such as real-time payments via the RTP network, complete wire transaction support and automated clearing house (ACH) origination and receipt.
In addition, the connection streamlines payment orchestration and settlement functions, while also helping with “the acceleration of payments modernization strategies,” according to the announcement.
“With Sherpa providing network access and an open payment hub and coupling with Juniper’s enhanced digital experiences, financial institutions can realize the benefit of a dynamic and flexible payment platform to meet their current and future payments modernization requirements,” Sherpa CEO and President Keith Riddle said in the announcement.
Riddle also noted that the capacity to streamline access to a wide collection of integrated payment choices, such as real-time payments, is an essential part of wider transformation plans.
Corporate One Federal Credit Union has enrolled as the first correspondent to provide its member credit unions with the integrated corporate real-time payment capacity, teaming with Juniper to serve as an early adopter to pilot the offering.
Separately, payments platform Dwolla recently introduced its RTP option. Dwolla CEO Brady Harris referred to the introduction as “game-changing,” noting that it would be trailblazing because of “how we collaborated with a forward-thinking financial institution to make real-time payments easily accessible to businesses of all sizes.”