COLUMBUS, Ohio - Sherpa Technologies, a leading digital transformation solutions provider, and Juniper Payments, the largest non-bank, cloud-based service provider of inter-bank transactions and reporting systems in the U.S., have formed a strategic partnership to provide a comprehensive portfolio of payment solutions through an integration between their respective payment hubs. Among its first initiatives, the two organizations are working to extend real-time payment functionality available from The Clearing House's (TCH) RTP® network and create a real-time business-to-business (B2B) payments module for correspondents to offer their financial institutions.
"Juniper Payments is passionate about bringing cutting-edge payments technology to financial institutions of all sizes. Our team's correspondent RTP solution is designed to be easily and quickly deployed by our correspondent banking partners. Through Sherpa's connectivity to the RTP network, Juniper is able to offer a real-time B2B solution to respondent financial institutions," said Jorge Jimenez, President and Chairman of Juniper Payments. "Enabling payment and cash management solutions for community financial institutions is a core competency for Juniper Payments. Our correspondent RTP solution provides an easy step into instant payments for our correspondent banking partners and the financial institutions they serve."
To enhance its payment offerings, Juniper leveraged Sherpa as a certified RTP network Third-Party Service Provider (TPSP) for network access. As a result, real-time API integration between Sherpa and Juniper's platform enables a rich suite of payment functionality, including real-time payments through the RTP network, ACH origination and receipt, and full wire transaction support. This integration also simplifies payment orchestration and settlement capabilities and supports the acceleration of payments modernization strategies.
"With Sherpa providing network access and an open payment hub and coupling with Juniper's enhanced digital experiences, financial institutions can realize the benefit of a dynamic and flexible payment platform to meet their current and future payments modernization requirements," said Sherpa's CEO and President Keith Riddle. "Additionally, the ability to simplify access to an expansive suite of integrated payment options, including real-time payments, is a critical component of broader transformation strategies."
The first near-term solution provided through the partnership involves the integration of the RTP network send/receive functionality and payment messages within Juniper's platform, which will allow correspondent service providers and their respondents (financial institutions) to experience immediate payment capabilities for B2B use cases. Corporate One Federal Credit Union has signed on to be the first correspondent to enable and offer the integrated B2B real-time payment functionality to its member credit unions, partnering with Juniper as an early adopter to test the solution as it comes to market.
"This partnership is an extension of a long-standing relationship between Juniper Payments and Corporate One, and I am proud it leverages the technology capabilities of Sherpa, which is one of our wholly owned CUSOs," said Melissa Ashley, Corporate One's CEO/President. "It's exciting to have a real-time B2B payment solution on the horizon to offer our members. With convenient access through our existing payments platform for ACH and domestic wires, it will allow credit unions an easy entry way to try real-time payments at the account level without having to connect to the network."
By later this year, Sherpa and Juniper expect the service will be enhanced to include the Request for Payment (RfP) functionality, an enhanced messaging framework for generating payment requests to an eligible recipient and leveraging the straight-through processing functionality of the RTP® network for immediate payment posting and settlement.
About Sherpa Technologies
Sherpa Technologies is leading credit unions on a journey of digital transformation to provide integrated, seamless and personalized member experiences. As the first credit union-specific, non-core, third-party service provider to provide a hosted gateway to the RTP® network from The Clearing House to a certified credit union, Sherpa also has the expertise to partner with credit unions on payments modernization efforts that harness the opportunities that exist with enabling enhanced digital and real-time payments experiences. Sherpa's suite of digital solutions ensures powerful, credit-union focused experiences for credit union members and staff. Sherpa's digital solutions can be stand-alone experiences with no extensive integration required to existing platforms, or Sherpa can integrate one or more applications through their open development framework, Mosaic, and a credit union's digital banking platform, core, or other digital experience(s). Learn more at www.sherpatech.org.
About Juniper Payments
Headquartered in Wichita, Kansas, Juniper Payments, LLC delivers payment solutions through correspondent and direct relationships with banks and credit unions throughout the U.S. Our modular solutions are utilized by more than 3,000 financial institutions daily enabling payment initiation and receipt across all payment rails. Juniper's technology interfaces with core processors and the Federal Reserve providing for streamlined, real-time payments. From traditional payment channels such as ACH, cash letter and wires, to faster rails such as RTP and soon FedNow payment options, Juniper focuses on technology delivery so our customers can focus on their business. Visit www.juniperpayments.com for more information.