All financial institutions, whether banks, credit unions, or neobanks, must adapt swiftly to emerging payment trends. One monumental shift has been the move towards digital, integrated, and instant transaction processing. As consumers demand a seamless payment experience, financial institutions need a holistic approach. This is where payment hubs make a pivotal difference in payment strategy optimization.
What is a payments hub?
A payments hub is a centralized platform designed to handle a diverse range of payment types. From traditional wire transfers to newer real-time payment rails such as the FedNow® Service and the RTP® network, payments hub solutions amalgamate these varied rails while connecting to the bank’s existing systems, such as their core billing system, digital banking, fraud, and risk systems, etc.
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