SouthState Bank has partnered with Moov Financial to enable real-time push and pull payment capabilities to debit cards for its customers. This collaboration provides Moov's customers and resellers with enhanced funds-in and funds-out options, along with faster card acquiring settlement speeds. The new solutions are designed to improve cash flow management and secure transactions.
Tara Edmonds, Enterprise Payments strategy leader at SouthState, emphasized that the new instant payments solutions are tailored to empower businesses with speed, security, and reliability. This milestone reinforces SouthState's dedication to innovation and its role as a forward-thinking regional bank in the payments industry.
The bank conducted an instant payments pilot program over the past year, processing more than 600,000 transactions totaling over $400 million. Hourly, a payroll company, participated in the pilot and reported significant impact, with employees receiving payments within 15 seconds instead of at the end of the business day.
These instant payments leverage The Clearing House's Real-Time Payments (RTP) and the Federal Reserve's FedNow networks, adhering to the global ISO 20022 standard. This facilitates easier data integration into enterprise and accounting systems, creating more efficiency and less friction for businesses. While currently available for Treasury customers, SouthState plans to expand the offering to other customers in the future.
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