RQD Case Study: Modern Payments with Orum’s Unified Platform

Company Overview

RQD is a modern correspondent clearing provider that offers clearing, custody, and execution solutions designed to meet the needs of today’s dynamic market participants. Built entirely on cloud-native, real-time technology, RQD can quickly and seamlessly enhance its platform, adapt to regulatory changes, and offer a more efficient implementation that scales as clients grow. In addition to portfolio margin, RQD supports U.S. equities, options, ETFs, and other securities, catering to broker-dealers that service retail, institutional, and active traders, foreign financial institutions, and proprietary trading firms.

RQD’s Payments Problem

As RQD listened to the needs of its brokerage clients, it became clear that they were trying to differentiate themselves from other firms but couldn’t. They felt confined to legacy infrastructure and the restraints of traditional payment rails, such as ACH and Wires. Many RQD clients found themselves educating consumers on why their brokerage account didn’t match their connected bank account. This led to confusion and disappointment as the consumer experience being provided didn’t match the brand promise of innovation and modern trading technology. 

“On our journey of serving the fintech community and offering services to broker-dealers, we wanted to partner with Orum to build the next generation of consumer standards for moving money in real-time,” says Michael Lanyon, RQD’s Chief Revenue Officer. “Our clients should never have to explain to their end-consumers why an ACH takes 3-5 days to deduct from their bank account. With Orum, we’re hitting that problem head-on by modernizing the industry to match consumer expectations of real-time money movement.”

RQD quickly integrated into Orum’s highly flexible and modern API, allowing them to access bank-rate pricing, all major payments rails, and expanded processing windows. RQD focused specifically on integrating RTP and FedNow into the RQD Clearing API allowing their clients to leverage a single, cohesive interface for all their brokerage needs. The burden of stitching together multiple vendors was gone and now their clients get everything they need in one robust suite from RQD. Orum powers the real-time payments of the RQD platform and orchestrates money movement optimizing for speed and cost while providing access to the latest payment rails including RTP, FedNow, Same Day ACH, ACH, and Wires.

Orum’s Money Movement Solution

Orum provided three major advantages for RQD:

• The ability to deliver payments 24/7, with a unique ‘Direct to Fed’ money movement solution. RQD can access bank-rate pricing, all major rails, and expanded processing windows without costly bank integrations. Orum’s Deliver API is built on a new direct connection to the Federal Reserve’s payment rails as a service provider and orchestrates money movement, optimizing for speed and cost. 
• Offered a fast, seamless integration through our straightforward API documentation and expert implementation support. Orum customers go live in 2 weeks or less and we handle all the complexity — helping you save the 2 years and $2 million it typically costs for a direct bank integration.
• Get what you want now and in the future through our flexible APIs, which meet evolving, changing needs. Orum customers get early access to new payment rails and bank account verification solutions as soon as they become available — allowing you to scale your business and drive growth on your own terms.

Why Orum’s Payment Solution is Better Than Direct-to-Bank

Orum’s simple API integration for fast, reliable payments provides three significant advantages over working directly with a bank. 

• Save $2 million and 2 years — that’s the typical investment required to complete traditional bank integrations. Avoid engineering and operational costs associated with directly integrating with and maintaining a bank program. 
• Accelerate the onboarding process by integrating in two weeks or less, saving time and money. 
• Access all major payment rails — including RTP, FedNow, Same Day ACH, ACH, Wires — via one API, with a team of experts to help along the way. Orum is backed by the most reputable payments experts, top-tier banks, and investors — all to ensure delivery of every transaction 24/7/365.

Want to learn more about the simplest API for fast, reliable payments and instant bank account verification? See how quickly Orum can help. Get in touch today.