TAB Bank Selects Volante Technologies to Provide Real-Time Payments to Customers

TAB Bank selected Volante Technologies, a provider of cloud payment and financial messaging services, to help it provide real-time payments to its digital customer base.

As part of the partnership, TAB Bank will implement Volante U.S. Real-time Payments as a Service (RTP), an end-to-end solution for the real-time payment processing lifecycle managed as a service in the cloud.

Although TAB Bank started out as a banking service that operated inside truck stops 20 years ago, it now provides working capital solutions to commercial businesses across a range of industries.

“At TAB Bank, we are completely obsessed with making our clients happy and watching them succeed. That’s our story,” Michael Palmer, COO of TAB Bank, said. “Therefore, we are constantly working to ensure that our solutions meet the needs of the ever-changing payment landscape. We want to partner with industry innovators and experts. Volante checks these boxes. More so, with Volante, we can ride the real-time payments wave and be an early adopter without any of the technical hurdles associated with launching a real-time payments offering.”

Volante U.S. Real-time Payments as a Service will ensure TAB Bank can get a secure offering up and running in a matter of weeks without significant infrastructure investment or IT department resource allocation. Via the RTP network from The Clearing House, TAB Bank clients will receive funds instantly. TAB Bank plans to add the ability to send real-time payments in the near future. In the long-run, the bank will further explore utilizing its open banking platform to employ real-time payments in a variety of ways for its customers.

“We’re pleased that TAB Bank is joining the over 100 financial institutions already live on the RTP network,” Keith Gray, vice president of strategic partnerships at The Clearing House, said. “Through Volante, TAB Bank will be able to participate on the RTP network and capitalize on these opportunities without a huge investment or a huge technical lift.”

Volante’s payment processing solution played a role in the initiation of the first payment on the RTP network in 2017, and the fintech is also a member of the U.S. Faster Payments Council and the FedNowSM Pilot Program. Its cloud-native and API-first solutions are also a fit for the demands of ISO 20022-based instant payments networks.

“Payments are getting faster and are key to payments modernization. TAB Bank’s online-only customer base depends on digital experiences that are easy to use and connected,” Deepak Gupta, global head of SaaS at Volante Technologies, said. “Adding real-time payments functionality will open up opportunities for much requested use cases such as payroll, merchant funding, bill pay and government payments and ensure that their customers can continue to enjoy TAB Bank’s great customer experience far into the future,”