AppBrilliance introduces real-time payments to closed-loop wallets in the US

US-based AppBrilliance is making use of a recent rule change by The Clearing House to expand the use cases for real-time payments to closed-loop digital wallets in the country.

App Brilliance’s ‘Money API’ platform works with banks’ Request for Payment (RfP) APIs to create closed-loop payment experiences.

According to AppBrilliance, retailers such as Starbucks and Dunkin which provided payment experiences with their closed loop wallets have previously had to rely on funding those accounts with conventional payment sources, like debit/credit cards or ACH.

Now, payment processors, retailers, and merchants in the US with closed-loop apps will be able to integrate real-time payments over The Clearing House’s RTP and FedNow network rails from the largest banks in the US.

“Today’s competitive market is looking for ways to replicate the success of top-performing apps offering closed-loop payment solutions,” C. Eric Smith, AppBrilliance’s founder and chief executive officer, said.

“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.”

He added: “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.”

AppBrilliance was founded in 2016 and is backed by Truist Ventures, which is the corporate venture capital arm of Truist Financial.

Last month, The Clearing House Association was one of four organisations representing the US banking sector to request more time for banks to comply with the Consumer Financial Protection Bureau’s (CFPB’s) incoming Personal Financial Data Rights Rule.

The Bank Policy Institute, The Clearing House Association, the Consumer Bankers Association, and the American Bankers Association wrote to CFPB director Rohit Chopra about the extra time for compliance.