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Democratizing Payments: How Payment Hubs Fuel Innovation for Smaller Banks
- Small to mid-sized banks, credit unions and FinTechs without the resources to implement the latest money movement integrations can simplify access to various money movement networks through a unified set of APIs in the form of a payment hub.
- Through a payment hub, banks, credit unions, and FinTechs have access to a wide range of real-time and batch money movement networks, allowing them to originate and receive payments without the need for multiple, complex integrations.
- Smaller financial institutions constrained by legacy systems can modernize their offerings without undergoing a costly overhaul with a consolidated approach that streamlines the payment process.
- The efficiency of payment hub lies in its ability to consolidate the operations of 'money in, money out, and money at rest' into one platform, providing financial institutions with a comprehensive solution for all their payment needs.
- This modular approach allows financial institutions to modernize incrementally, adding new capabilities like real-time payments without disrupting their existing infrastructure.
- Payment hubs offer aggregators, smaller banks and credit unions, FinTech companies and BaaS providers an affordable way to connect to various networks without requiring an expensive overhaul of their core infrastructure.
- For institutions operating on tight budgets or legacy platforms, many existing barriers to embracing innovation can be insurmountable. Payment hubs change the equation by providing an all-in-one solution that reduces complexity and cost.
- For businesses looking to stay competitive, a payment hub offers a streamlined way to enable real-time capabilities without requiring multiple, time-consuming integrations.
- i2c embeds security and fraud management solutions into its payment hub, ensuring clients can transact securely.
- The payment hub is processor-agnostic and open to companies that might be using other processors.
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