Truist Financial is developing an intelligent router system that can direct payments quickly through the best payment channel.
“Most people just want to tell their financial institution, ‘Just make the [payment] and get it there for me,’” Chris Ward, head of enterprise payments at Truist, told Bank Automation News. Clients “give us the instruction and we find the optimal way to get it there, the most cost-effective, the fastest, etc., based upon the clients’ parameters.”
The router is being tested internally, Ward said, adding that the Charlotte, N.C.-based bank aims to launch it for customers in 2025.
Truist can route payments through the Automated Clearing House, wires or The Clearing House’s real-time payments rails, Ward said, adding that the bank will continue adding new payments networks, including FedNow after Truist joins the payment rail next year.
The $511 billion bank is not using technologies like AI for its router, instead leaning on automation and manual processes, Ward said.
BNY has also developed and deployed an intelligent router that automatically routes payments while keeping customers’ preferences of time and cost in mind, Carl Slabicki, managing director and co-head of global payments at BNY Treasury Services, previously told BAN.
BNY has also added payments rails including Venmo and Paypal to its intelligent router for speed and efficiency, Slabicki said.
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