AppBrilliance has decided to use a recent regulatory update by The Clearing House to expand the application of Real-Time Payments to closed-loop digital wallets. Previously, businesses such as Starbucks, CVS, Dunkin', and Chick-fil-A have employed closed-loop digital wallets for consumer transactions but needed traditional payment methods such as debit/credit cards or ACH transfers to fund these accounts.

According to the official press release, digital wallets have become more prevalent internationally than cards for digital transactions. This shift indicates a potential for growth in US payment solutions, which AppBrilliance aims to address with its Money API, facilitating real-time funding for digital wallets. This solution is designed to simplify the payment process for both merchants and consumers.

The new capability allows payment processors, retailers, and merchants to lower payment processing expenses and enhance customer engagement by integrating RTP and FedNow networks into closed-loop wallet applications. AppBrilliance’s Money API integrates with banks' Request for Payment (RfP) APIs to streamline closed-loop payment processes. This system offers a fully white-labeled experience, minimising payment friction across various channels, including in-app, online, and point-of-sale transactions.

By implementing the Money API and RTP/RfP, digital wallets can now provide a more efficient and secure payment experience. In the company press release, officials from AppBrilliance talked about the success of prominent closed-loop payment apps, as well as their platform's ability to improve digital wallet services with real-time payments via RTP/RfP. The aim is to facilitate improved customer satisfaction and loyalty while reducing costs associated with payment acceptance, fraud, and chargebacks.

Benefits and opportunities for strategic partnerships AppBrilliance offers several advantages for potential partners: The company’s technology introduces advancements in pay-by-bank and real-time payment systems.  Partners can explore new revenue avenues by incorporating real-time payments into advanced closed-loop wallet strategies.  The platform aims to improve customer retention with a streamlined, real-time payment experience within wallet applications.  Real-time payments can decrease processing costs while addressing fraud and chargebacks.  A fast, secure payment experience in closed-loop wallets can enhance customer loyalty.  Reducing payment friction at various points can lead to improved conversion rates and customer satisfaction. To address increasing demand, AppBrilliance is collaborating with leading payment processors, digital wallet providers, and banks to deliver scalable, real-time payment solutions and drive the evolution of payment applications. .