With Orum’s POST/eligibility endpoint, you can now check whether a specific bank account is eligible to receive instant RTP push payments.
Using the new endpoint to verify the RTP eligibility of accounts for instant money movement will allow your company to provide more accurate and transparent information to your users about the payment options available to them.
To learn more about RTP, visit our recent blog post.
Build trust
Users want to know that their payments will arrive quickly and securely. By using Orum’s new endpoint to check the RTP eligibility of bank accounts for instant money movement, you can provide your end users with accurate information about whether their payments can be routed via RTP.
For example, if a user sees an option for instant payments, but then their payment actually takes a day or more to arrive because their routing number was not RTP eligible, the user may be confused or unhappy with their experience. Using Orum’s API enables you to accurately display instant payment options to users with RTP eligible accounts, which will help you build stronger relationships with your customers.
Monetize Transfers
Historically, businesses have been limited in their ability to offer instant payment options to their users, both because some users were not eligible for instant RTP payments and because businesses did not have a way to efficiently charge the right customers for the right rails.
With Orum’s new endpoint, you can solve these challenges by checking the eligibility of accounts for instant money movement. By only offering an “instant” payment option to users who are eligible for RTP, you can more effectively monetize your payment flows and generate revenue from payment activities.
Improve customer experience
Checking the eligibility of accounts for instant money movement will help you ensure that your customers know when payments will arrive. This will reduce confusion, improve the overall user experience, and lower the number of customer complaints related to payment delivery times.
For example, if a user requests a withdrawal from their account but they are unclear about when funds will arrive (maybe they were expecting their payment to arrive instantly, but it did not), they will be more likely to be frustrated and ultimately reach out to you for support.
By using Orum’s new API endpoint to check the eligibility of accounts for instant money movement, you will ensure that only eligible users are presented with instant payment options.
