BankSocial® Breaks the Cost Barrier for Banking Payment Solutions - Commercially Launches First Fully Cloud Native Payments for Credit Unions

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May 28, 2024, 08:00 ET

BankSocial® Combines Real-Time Payments Functionality with IBM MQ and Hedera

DALLAS, May 28, 2024 /PRNewswire/ -- BankSocial®, the nation's leading open banking platform, today announced the commercial launch of its unique real-time payments solution for credit unions.

"BankSocial® has uniquely launched the first fully cloud native implementation to connect to the RTP® network from The Clearing House, combining Google Cloud, IBM MQ, and Hedera capabilities," said John Wingate, chief executive of BankSocial. "The result is broad availability of instant payments for even the smallest banks and credit unions, compatible with existing digital banking and core solutions."

"We continuously push to bring new services to our members," said Elizabeth Osborne, chief operations officer of Great Lakes Credit Union. "The BankSocial real-time payments solution delivers advanced, economical payments capabilities and simple integration with our existing core and digital banking platforms. We are excited to launch this new service."

"Bank Social has been instrumental in developing and launching an innovative open-source banking platform that aligns perfectly with our commitment to provide exceptional service and technological advancement," said Angela Faust, SVP & Chief Operations Officer at Credit Union of Texas.

Today's financial services infrastructure can make new products expensive to install and maintain, challenging the affordability of modern payments solutions, like real-time payments, for smaller institutions. To address these challenges, the BankSocial® development team brought together four critical technologies to more efficiently enable connectivity to the RTP network for credit unions.

RTP network from The Clearing House. "We're thrilled to partner with BankSocial with the industry's first end-to-end cloud native consumption-based cost model that represents a new step in bringing the capabilities of the RTP network to an even broader market," said Keith Gray, vice president of strategic partnerships at The Clearing House. "Over a year in development, this new implementation will support the unique needs of credit unions of all sizes and their members."
IBM MQ. IBM MQ. BankSocial® leveraged IBM & Hedera Partner TxMQ's expertise in IBM MQ and RTP network onboarding to integrate the IBM MQ platform. "IBM MQ underpins a large percentage of global financial transactions, including real-time payments" said Chuck Fried, CEO of TxMQ.
Hedera. "Hedera's innovative technology offers unmatched speed and cost-efficiency, making it an ideal choice for modern digital solutions," said Charles Adkins, President of Hedera. "This new forward thinking capability from BankSocial® takes advantage of the technological strengths that Hedera delivers."
Google for Startups for Cloud Program. As a participant of Google's Startups for Cloud program, BankSocial created a fully cloud-native solution using Google Kubernetes Engine to drive economical application and infrastructure modernization for domestic credit unions.

About BankSocial
BankSocial® is a passionate team of credit union and DLT experts, building an Open Banking platform that merges the world of credit unions and traditional finance with the world of Web3 and DeFi. The BankSocial financial platform unites and empowers people and businesses, providing fair and equitable access to the same financial tools for all. To learn more about BankSocial, visit www.banksocial.io.

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