AppBrilliance, an enabler of real-time payment solutions with its Money API platform, is leveraging a recent rule change by The Clearing House to expand use-cases for Real Time Payments (RTP) to closed-loop digital wallets in the US.
Companies like Starbucks, CVS, Dunkin, Chick-fil-A and many other successful businesses have long “provided engaging customer payment experiences with their closed-loop wallets, but had to rely on funding those accounts with conventional payment sources like debit/credit cards or ACH.”
Outside the U.S., consumer use “of digital wallets has proliferated and eclipsed cards and other conventional sources as the favored option for digital payments.”
This represents a clear opportunity “for expanding payment solutions in the U.S. that AppBrilliance’s Money API is positioned to accelerate with real-time payments for digital wallet funding.”
The white-labeled user experience “makes real-time payments a simple process for both merchants and consumers.”
AppBrilliance is leveraging a rule change “by The Clearing House to bring Real-Time Payments (RTP) to closed-loop wallets.”
This enables payment processors, retailers, and merchants to “reduce payment processing costs and boost customer loyalty with closed-loop wallet apps by integrating real-time payments over The Clearing House’s RTP and FedNow network rails from the largest banks in the US.”
AppBrilliance’s patented Money API platform works “with banks’ Request for Payment (RfP) APIs to seamlessly create consumer-friendly closed-loop payment experiences. Only Money API allows for 100% white-labeled in-app payment flows with RfP, reducing consumer check-out complexity by eliminating dozens of areas of payment friction across all channels—in-app, online, and at point-of-sale.”
By utilizing the Money API and RTP/RfP, wallet apps can now “offer a swift, secure, and seamless payment process.”
C. Eric Smith, AppBrilliance’s Founder and CEO said:
“Today’s competitive market is looking for ways to replicate the success of top-performing apps offering closed-loop payment solutions. Our platform extends digital wallet platforms with real-time, consumer-friendly payments over RTP/RfP, making it easier than ever for businesses to enhance customer satisfaction and loyalty while reducing payment acceptance cost, fraud and chargebacks with instant good funds. The recent approval of the payments use-case for closed loop digital wallets by The Clearing House in May marks the beginning of a transformative journey for real-time consumer payments in the US.”
AppBrilliance is not only transforming “the payment landscae but also presenting a unique opportunity for strategic partners” to capitalize on:
- Innovation Leadership: Our patented technology and pioneering approach represent a fundamental innovation in pay-by-bank, A2A and real-time payment platforms.
- Market Expansion: Tap into new revenue streams by integrating real-time payments into improved and customized closed-loop wallet strategies.
- Enhanced Customer Payment Experiences: Drive higher customer retention and satisfaction with seamless, real-time payment experiences where the consumer never has to leave the wallet application.
Key Benefits for Retailers and Merchants
- Cost Efficiency: Slash payment processing costs while reducing fraud and chargebacks by leveraging real-time payments over new banking network rails.
- Enhanced Customer Loyalty: Provide a seamless, fast, and secure payment experience within the closed-loop wallet that keeps customers coming back.
Increased Sales: Reduce friction at the point-of-sale and online, leading to higher conversion rates and customer satisfaction.
To meet the growing demand, AppBrilliance is partnering “with payment processors, digital wallet platforms, and banks looking to transform the payment experience.”
These collaborations will bring scalable, real-time payment solutions to market and “power the next generation of payment applications.”