Blockchain Meets Banking: Dropp Inc. and Truist Bank Introduce Real-Time Payments via Hedera

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https://t.co/QsNrgLs3Kr

— Dropp (@droppcc) January 23, 2025

What is Dropp?

Dropp Inc., a Newark, New Jersey-based financial technology company, has announced a collaboration with Truist Financial Corporation to introduce Real-Time Payments (RTP) for its users. This partnership aims to enhance payment processing efficiency by integrating Dropp’s innovative payment platform with Truist’s advanced RTP APIs, enabling instant settlement for Dropp’s clients.

Truist Financial Corporation

Truist Financial Corporation, headquartered in Charlotte, North Carolina, is a top-10 U.S. commercial bank with total assets of $531 billion as of December 31, 2024. The bank offers a wide range of services, including consumer and small business banking, commercial banking, corporate and investment banking, wealth management, payments, and specialized lending.

Collaboration and Innovation

In contrast, Dropp Inc. is a fintech company specializing in providing a pay-by-bank platform that offers an ultra-low fee alternative to traditional card and cash payments. The company has raised approximately $2.31 million in seed funding as of October 7, 2021.

This collaboration between Dropp and Truist is expected to provide merchants with a competitive edge by optimizing cash flow management through instant payments, bridging the gap between traditional banking systems and innovative financial technologies.

Hedera Hashgraph (HBAR) Utilization

Dropp Inc. utilizes the Hedera Hashgraph (HBAR) blockchain to power its micropayments platform. Hedera provides a decentralized, secure, and highly scalable environment, which allows Dropp to offer low-cost, real-time transactions without intermediaries. By leveraging Hedera’s distributed ledger technology (DLT), Dropp enables consumers to make small-value purchases with minimal transaction fees, making it an attractive alternative to traditional payment methods.

The collaboration with Truist Bank, combined with Dropp’s utilization of the Hedera network, aims to further revolutionize the digital payments space by offering a seamless, efficient, and cost-effective payment solution. The integration of Truist’s Real-Time Payments (RTP) system with Dropp’s Hedera-powered platform is expected to enhance financial accessibility and transaction speed for both businesses and consumers.

Hedera Hashgraph is known for its high throughput, low latency, and fair ordering of transactions, which makes it an ideal choice for companies like Dropp that require secure and efficient microtransaction capabilities. As of now, Hedera’s native token, HBAR, facilitates these transactions and ensures network security.

This strategic partnership highlights the growing adoption of blockchain solutions within traditional banking frameworks, signaling a shift towards more decentralized and efficient payment ecosystems.