Electrum Updates: Clearing House Payments Integrations & Guide

Unlock greater agility with enhanced Real-Time Clearing integrations

The latest updates to Electrum’s Clearing House Payments solution include deeper integrations for Real-Time Clearing (RTC) and a comprehensive Operator Guide.

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Real-Time Clearing Update

Access greater functionality with RTC

Banks can now use Electrum’s RTC solution to integrate deeper into their core banking systems.

Explore:

RTC solutions

Features

Processing with core banking

Including postings, reservations, and voids

Fraud prevention

Fraud break-out processing

Built-in CDV for in-line outbound RTC processing

Support enablement

Operator’s guide

PayShap Update

Ensure customer trust with PayShap

Our update to PayShap allows banks to participate in real-time Account Resolution as defined by PayInc.

Features

Additional security

Inbound Account Resolution as standard or choose to add outbound Account Resolution.

Easily update with the same API

Implementation updates require minor field changes.

PayShap Update

Eliminate transaction waste for PayShap

Transactions with invalid account numbers are automatically prevented before they are sent via PayInc with Check Digit Validation (CDV) for PayShap. This is already live and requires no updates on your side.

Explore:

PayShap solutions

Coming Soon

Electrum is currently working on the following updates for Clearing House Payments:

New product build: DebiCheck
We are developing Electrum’s DebiCheck solution, enabling banks to manage mandates and collections for both payers and payees through a single platform.

The solution will include:‍

A mandate register
A collections engine and a collections warehouse
PayInc gateway processing

EFT upgrades
We are currently developing several enhancements to our EFT solution, including:

Payments engine upgrades to ensure optimal processing and stability using the latest Electrum tech stack.
Postings with the bank’s core layers to offer more flexibility.
Outbound payments cutover processing improvements to improve the bank’s operations.
Enhanced validation features to give you more control.
Processing of home-backs based on VET reports from PayInc to keep your solution scheme compliant.
On-us EFT credits to avoid processing via PayInc.
Fraud breakout processing with bank systems for outbound payments, to improve your fraud management.