Overview
clearXchange payment network (owned by Early Warning Services, LLC) is a complex product with many APIs and notifications. Its primary focus is person-to-person (P2P) payments, but it also supports other use cases (e.g., business-to-consumer disbursements). It gives financial institutions a lot of features and flexibility not available in other products on the market, but it does require deep understanding of underlying system to implement correctly.
What does it take to integrate?
Integration with clearXchange is a complex process with different phases. It involves many groups in an organization, and often requires additional development staff to meet contractual deadlines.
Initiation
Your company would need to engage with Early Warning and start assembling the team to work on the implementation. But often there is initial discovery and analysis that happen in parallel with the legal and project management work.
Design
Typically there are multiple work streams in the design process: UI changes to the existing systems to embed P2P functionality, database design, fraud prevention process, customer service and reporting requirements. clearXchange operating rules require that each network member implement a number of different use cases and support payments to and from a variety of different counter-parties.
Connectivity
Connecting to Early Warning environment takes some time. It is a highly secure system residing on a private network and requires work of the networking team to establish the connectivity and assess the bandwidth requirements. Also, there are different models of communication with the network to consider.
Build
Once there is connectivity to clearXchange pre-production environment it is possible to start coding against a test database. One complexity in building the solution is the need to simulate the work that the other counterparts in the network need to perform.
Testing and Certification
There are number of different test cases to validate and test planning, script development and automation can take considerable time. Besides the typical testing process performed internally there is also certification process that is required by clearXchange rules.
Deployment
clearXchange is a very active network and once a new member joins the payment volume will pick up quickly. Assessing system readiness is critical to successful launch. Pilot and phased deployments are highly encouraged.
Post Deployment Support
It is rarely the case that a system of this complexity is bug-free on the initial launch. Efficient problem identification and resolution process is key effectively deal with anything unexpected.
Why Parasol Solutions?
Parasol Solutions architects and engineers played key roles in building clearXchange network and assisted many financial institutions in successful on-boarding. We know the system inside and out and will be able to assist you right away with any questions. We know which areas are complex and need additional attention. We can help you with the choice of technology and architectural approaches.
Parasol Solutions can work with your organization during each of the phases of the implementation. From our experience each organization is different and we will create a custom engagement tailored to your needs.