By connecting to OPN you can send and receive instant payments with no limitation of time or network, regardless of your financial institution's size.
OPN moves payment value and associated data in real time for safe, secure, and immediate settlement. The platform integrates with your existing core systems. The OPN API enables FinTech developers to rapidly create innovative mobile apps and websites to meet ever-changing customer demands.
With OPN’s instant digital payment platform, you can deliver modern services such as instant mortgage payments, instant payroll processing, peer-to-peer payment cards, multi-currency payments, and more. This ability can help increase customer engagement and spur greater use of your existing products.
Thanks to years of interoperability work, you can run OPN’s instant payment platform with your core system so you can move funds between countries and currencies with speed, security, and transparency. What’s more, OPN is interoperable with FedNow and RTP so money can be cleared and settled in real time.
Specifically, the OPN platform delivers:
Alias-based payment support and use cases such as peer-to-peer payments.
Tools to support expanded data analytics and reporting for users.
Rich Data Format (RDF) supporting large amounts of structured and unstructured data for each transaction.
An API using modern web-based communication protocols for access to information and transactional processing.
Controls based on cumulative value and velocity parameters so OPN learns based on historical activity to detect fraud.
The ability to identify payees, such as recipients and beneficiaries, before sending payment to avoid transfer errors.
“The banking business model is struggling with the advancement of technology innovation. Non-bank offerings, generally unregulated and with few restrictions, have outpaced us while setting very high expectations of speed and convenience with our traditional customer base. End user perception of ‘immediate’ up until now is based on advancing funds using someone else’s money, otherwise known as ‘float.’ With OPN we can initiate, clear and settle an instant transfer of funds with virtually no cross-party or systemic risk. This capability only works in an open and interoperable payment system, and OPN is that system.”
Bob Steen – CEO, Bridge Community Bank
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