AppBrilliance Brings Real-Time Frictionless Payments to Closed Loop Digital Wallets With RTP & FedNow

Rhea-AI Summary

AppBrilliance, a pioneer in real-time payment solutions, is leveraging a recent rule change by The Clearing House to expand Real Time Payments (RTP) to closed-loop digital wallets in the US. The company's Money API™ platform enables payment processors, retailers, and merchants to reduce costs and boost customer loyalty by integrating real-time payments over RTP and FedNow network rails.

Key benefits include:

• Drastically reduced payment processing costs
• Enhanced customer loyalty with seamless payment experiences
• Reduced fraud and chargebacks
• Increased sales through reduced friction at point-of-sale and online

AppBrilliance is partnering with leading payment processors, digital wallet platforms, and banks to bring scalable, real-time payment solutions to market and power the next generation of payment applications.

Positive

• Expansion of Real Time Payments (RTP) to closed-loop digital wallets in the US
• Potential for significant reduction in payment processing costs for merchants
• Enhanced customer loyalty through improved payment experiences
• Reduced fraud and chargebacks with instant good funds
• Partnerships with leading payment processors, digital wallet platforms, and banks

Negative

• None.

Insights

Financial Technology Expert

AppBrilliance's integration of Real-Time Payments (RTP) into closed-loop digital wallets marks a significant shift in the U.S. payment landscape. This innovation addresses a important gap in the market, potentially disrupting traditional payment methods and aligning the U.S. more closely with global digital wallet trends.

The financial implications are substantial:

• For retailers: Potential for dramatic reduction in payment processing costs, which typically range from 1.5% to 3.5% of transaction value for credit cards.
• For banks: New revenue streams from increased RTP usage, offsetting potential losses from reduced card transaction fees.
• For consumers: Enhanced convenience and potentially lower prices as merchants pass on savings.

However, challenges remain. The success of this initiative hinges on widespread adoption by both merchants and consumers. The network effect is important - the value increases as more participants join. Additionally, the regulatory landscape for real-time payments is still evolving, which could impact future growth and implementation.

Investors should monitor adoption rates among major retailers and consumer feedback. If successful, this could reshape the competitive dynamics in the payments industry, potentially impacting traditional payment processors and card networks.

Market Research Analyst

AppBrilliance's move to bring RTP to closed-loop wallets is a strategic response to evolving consumer preferences and global payment trends. This innovation could significantly impact market dynamics:

• Market Potential: The U.S. digital wallet market, valued at 1.25 trillion in 2023, is projected to reach 2.83 trillion by 2028, growing at a CAGR of 17.7%.
• Competitive Landscape: This move positions AppBrilliance as a frontrunner in the real-time payment space, potentially challenging established players like PayPal and Square.
• Consumer Behavior: As digital wallet usage increases, we may see a shift away from traditional credit and debit card usage, especially among younger demographics.

The success of this initiative could accelerate the adoption of closed-loop wallets beyond current leaders like Starbucks and Chick-fil-A. However, consumer education and trust-building will be important for widespread adoption. The ability to offer seamless, frictionless payments could be a significant differentiator for retailers in an increasingly competitive e-commerce landscape.

Investors should watch for partnerships between AppBrilliance and major retailers or payment processors, as these could indicate the potential for rapid scaling and market penetration.

AUSTIN, Texas, July 29, 2024 /PRNewswire/ -- AppBrilliance, a pioneer in real-time payment solutions with its cutting-edge Money API™ platform, is leveraging a recent rule change by The Clearing House to expand use-cases for Real Time Payments (RTP) to closed-loop digital wallets in the US.

AppBrilliance is leveraging a rule change by The Clearing House to bring Real-Time Payments (RTP) to closed-loop wallets.

Companies like Starbucks™, CVS™, Dunkin™', Chick-fil-A™ and many other successful businesses have long provided engaging customer payment experiences with their closed-loop wallets, but had to rely on funding those accounts with conventional payment sources like debit/credit cards or ACH.  Outside the U.S., consumer use of digital wallets has proliferated and eclipsed cards and other conventional sources as the favored option for digital payments. This represents a clear opportunity for expanding payment solutions in the U.S. that AppBrilliance's Money API™ is positioned to accelerate with real-time payments for digital wallet funding. The elegant, white-labeled user experience makes real-time payments a simple process for both merchants and consumers.

This breakthrough enables payment processors, retailers, and merchants to drastically reduce payment processing costs and boost customer loyalty with closed-loop wallet apps by integrating real-time payments over The Clearing House's RTP and FedNow network rails from the largest banks in the US.

Revolutionizing The Consumer Payment Experience of RTP/RfP

AppBrilliance's patented Money API™ platform works with banks' Request for Payment (RfP) APIs to seamlessly create consumer-friendly closed-loop payment experiences. Only Money API™ allows for 100% white-labeled in-app payment flows with RfP, reducing consumer check-out complexity by eliminating dozens of areas of payment friction across all channels—in-app, online, and at point-of-sale. By utilizing the Money API™ and RTP/RfP, wallet apps can now offer a swift, secure, and seamless payment process. 

"Today's competitive market is looking for ways to replicate the success of top-performing apps offering closed-loop payment solutions. Our platform extends digital wallet platforms with real-time, consumer-friendly payments over RTP/RfP, making it easier than ever for businesses to enhance customer satisfaction and loyalty while reducing payment acceptance cost, fraud and chargebacks with instant good funds. The recent approval of the payments use-case for closed loop digital wallets by The Clearing House in May marks the beginning of a transformative journey for real-time consumer payments in the US," said C. Eric Smith, AppBrilliance's Founder and CEO.

Unlocking Strategic Value for Partners

AppBrilliance is not only transforming the payment landscape but also presenting a unique opportunity for strategic partners to capitalize on:

• Innovation Leadership: Our patented technology and pioneering approach represent a fundamental innovation in pay-by-bank, A2A and real-time payment platforms.
• Market Expansion: Tap into new revenue streams by integrating real-time payments into improved and customized closed-loop wallet strategies.
• Enhanced Customer Payment Experiences: Drive higher customer retention and satisfaction with seamless, real-time payment experiences where the consumer never has to leave the wallet application.

Key Benefits for Retailers and Merchants

• Cost Efficiency: Slash payment processing costs while reducing fraud and chargebacks by leveraging real-time payments over new banking network rails.
• Enhanced Customer Loyalty: Provide a seamless, fast, and secure payment experience within the closed-loop wallet that keeps customers coming back.
• Increased Sales: Reduce friction at the point-of-sale and online, leading to higher conversion rates and customer satisfaction.

Strategic Partnerships and Market Demand

To meet the growing demand, AppBrilliance is partnering with leading payment processors, digital wallet platforms, and banks looking to transform the payment experience. These collaborations will bring scalable, real-time payment solutions to market and power the next generation of payment applications.

About AppBrilliance

Founded in 2016, AppBrilliance is backed by Truist Ventures, the corporate venture capital arm of Truist Financial (NYSE: TFC). The company provides seamless integration of real-time payment (RTP) systems from The  House and FedNow enabling card-free, frictionless and secure transactions. AppBrilliance's technology is protected by multiple issued US patents. For more information and to see our technology in action, visit: appbrilliance.com.

AppBrilliance Media Contact:

C. Eric Smith
Founder/CEO, AppBrilliance Inc.
eric@appbrilliance.com

Call to Action

Join the revolution in real-time payments today. Contact us to explore how AppBrilliance can transform your closed-loop wallet strategy and take your customer payment experience to the next level.

 

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SOURCE AppBrilliance , Inc.

FAQ

What is AppBrilliance's Money API™ platform?

AppBrilliance's Money API™ platform is a patented technology that enables real-time payments for closed-loop digital wallets, leveraging RTP and FedNow network rails to provide seamless, white-labeled payment experiences for merchants and consumers.

How does AppBrilliance's solution benefit retailers and merchants?

AppBrilliance's solution benefits retailers and merchants by reducing payment processing costs, enhancing customer loyalty through improved payment experiences, reducing fraud and chargebacks, and potentially increasing sales by reducing friction at point-of-sale and online.

What recent rule change is AppBrilliance leveraging for its RTP expansion?

AppBrilliance is leveraging a recent rule change by The Clearing House that allows for the expansion of Real Time Payments (RTP) to closed-loop digital wallets in the US.

How does AppBrilliance's Money API™ work with banks' Request for Payment (RfP) APIs?

AppBrilliance's Money API™ works with banks' Request for Payment (RfP) APIs to create consumer-friendly closed-loop payment experiences, allowing for 100% white-labeled in-app payment flows and reducing consumer check-out complexity.