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.
FREMONT, CA: 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 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."
Juniper leveraged Sherpa as a certified RTP network Third-Party Service Provider (TPSP) for network access to enhance its payment offerings. 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 payment 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 integrating 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.
By later this year, Sherpa and Juniper expect the service will be enhanced to include the Request for Payment (RfP) functionality, an improved 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.