Mastercard extended its collaboration with The Clearing House today to allow customers and businesses to use real-time payments.  

Mastercard will be the exclusive instant payments software provider for The Clearing House’s (TCH) RTP network, according to a news release from Mastercard.

TCH’s RTP network has been gaining traction since the launch of FedNow, with more than 200 FIs joining the network, bringing the total to about 475 FIs, Elena Whisler, chief client officer at TCH, previously told Bank Automation News. 

Mastercard teamed up with Indian health-tech company Remedinet to launch a B2B health care payment solution in India using Mastercard’s virtual card technology, according Mastercard’s Jan. 18 release. 

The solution will allow Mastercard to generate virtual cards issued by financial institutions to pay approved medical claims, Chad Wallace, global head of commercial solutions at Mastercard, told BAN. 

“For B2B health care payments, which have traditionally been fragmented, slow and inefficient, virtual cards provide a critical working capital solution for health care providers,” he said. 

Providers can be onboarded to receive virtual card payments through an API integration with Remedinet, Wallace said, adding that all hospitals working with insurance companies in India on the Remedinet platform will have access to the solution. 

FirstBank teams with High Circle for business accounts 

FirstBank is working with High Circle, a digital banking and investment platform, to offer high-yield commercial checking accounts for high-net-worth individuals and businesses via Treasury Prime’s platform. 

The $3.5 billion, Nashville, Tenn.-based FirstBank started working with Treasury Prime in October 2022 to offer BaaS to fintechs, according to Treasury Prime’s release. Treasury Prime helps connect fintechs with FIs to build partnerships for new offerings, the release stated. 

High Circle will provide the financial technology platform to customers while FirstBank will act as the back-end banking partner for the fintech, according to Treasury Prime’s Jan. 16 release.  

“Traditional bank distribution channels are somewhat limited to a one-size-fits-all offering and are often constrained by geographic boundaries,” Wade Peery, chief innovations officer at FirstBank, told BAN. “Partnerships of this nature allow us to augment our traditional channels with more focused solutions and expand beyond the physical branch network.” 

FirstBank aims to “methodically expand our BaaS platform offerings as we move forward,” he said.  

Allied Banking selects Finastra for cloud migration 

Allied Banking has selected tech provider Finastra to migrate its core banking operations to the cloud. 

The move will enhance the $209 billion bank’s digital transformation, operational efficiency and customer service, a Jan. 17 Finastra release stated. 

“Finastra’s Equation core banking solution powered our business for 15 years, and whilst our needs were being met, we wanted to future-proof our operations and open the door for expansion into new products and services,” Allied Chief Executive Lourdes A. Salazar said in the release. 

Major FIs like Wells Fargo, Citizens Bank and Valley Bank are also moving operations to the cloud to improve efficiency and scalability.  

The Hong Kong-based bank is also using Finastra’s Retail Analytics solution to improve its data analytics and regulatory reporting processes, the release stated. 

Elevations CU selects Alkami for online retail, business banking platform 

Elevations Credit Union and Alkami Technology have launched an online retail and business banking platform. 

The Boulder, Colo.-based credit union will use Alkami’s cloud-based digital banking solution to provide online account opening, payment fraud prevention and self-service tools, according to a Jan. 16 release. 

“Being able to access new markets, like the commercial market, through digital channels is more important than ever, particularly for regional and community financial institutions who face greater pressure in the current macroeconomic environment to drive deposits and customer engagement,” Jeff Chen, vice president for product management at Alkami, told BAN. 

The $3 billion credit union also uses SavvyMoney, Alkami’s digital educational tool, to improve customers’ financial well-being, the release stated. 

Quontic Bank, IC Credit Union, Lone Star National Bank and Liberty Bank are some of Alkami’s customers, according to the company’s website. 

Visit Bank Automation News’ Transactions Database, which lists the technology selected or acquired by companies in the financial services industry, with a specific focus on technology that enhances automation.

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