By connecting to Open Payment Network (OPN) your members can send and receive instant payments with no limitations of time or network. And it’s available now.OPN/FedNow
Open Payment Network (OPN) is the top-ranking instant payment network by McKinsey & Company. It is interoperable with TCH-RTP & FedNow and provides several value-added features. These include fraud controls, a directory, API with workflow, enhanced reporting, 24/7/365 availability, and more.
Consumers expect a fast and frictionless payment experience. Many consumers consider access to real-time payments as a criteria when selecting a financial institution. Most businesses would be willing to pay a fee to receive payments immediately.
OPN: Adding Value to Instant Payments with the following offerings:
Controls based on cumulative value and velocity parameters so OPN learns based on historical activity to detect fraud.
Rich Data Format (RDF) supporting large amounts of structured and unstructured data for each transaction.
Communication protocols for accessing information and transactional processing.
Alias-based payment support and use cases such as peer-to-peer payments.
Tools to support expanded data analytics and reporting for users.
Identify payees, such as recipients and beneficiaries, before sending payment to avoid transfer errors.
Redundant data centers are in active-active mode to ensure 24/7 uptime, 180 ISO 20022 Message tests, implementing IBM MQ servers, receiving and storing reconciliation files, and upgrades to new versions, e.g., 2.9 to 3.0.
24/7 uptime, security and encryption, 30 plus ISO message types with over 100 tests for certification, fraud control adherence, message signing, and key exchange.
The technology to do intelligent routing, reporting, reconciliation, etc., to efficiently exchange and make use of information.
Contact your Sharetec Account Manager today and experience the immense benefits of Sharetec & OPN/FedNow!