Payrailz, Alkami: Payments on digital banking platform

Digital payment company Payrailz announced on Wednesday (February 16th) that its payment services are now available through the Alkami platform, enabling financial institutions (FIs) to offer Payrailz’s smarter and more engaging payment experience to its end users.

Alkami will offer its customers Payrailz’s bill payment and P2P solutions, including real-time payment capabilities, while Payrailz will provide users with proactive payment recommendations based on their payment history data.

“Payments is a key offering for banks and credit unions today,” said Stephen Bohanon, director of strategy and sales at Alkami, in the press release announcing the partnership. “While they were once considered an additional service, they are now non-negotiable for the customers and members our financial institutions serve.”

Alkami and Payrailz will work together to offer options such as real-time payments, Mastercard’s BPX and FedNow, the Federal Reserve’s real-time payment system.

“Today’s consumer has so many payment options – many of which come from outside their bank or credit union,” said Fran Duggan, CEO of Payrailz, in the joint press release.

“It is safer and easier to transact directly through their financial institution, which is why we are working with Alkami to provide the best digital payment solutions, directly through a consumer’s online or mobile banking” , did he declare.

Related: CHUCK takes on Zelle with Alloy Labs, Payrailz partnership

Community and mid-market banking association Alloy Labs Alliance has partnered with Payrailz to launch CHUCK, an open network for instant payments.

CHUCK offers customers the ability to send money from their banking app and gives the recipient the ability to choose where they want the money to go, including some of the most popular payment networks, without logging in to multiple apps or transfer funds between apps. The network will be made available to all US-based financial institutions.

Read also : UK goes further with open banking ambitions

In March, Alliant Credit Union tapped Payrailz to digitize its payment offering, helping Illinois’ largest CU compete with more nimble FinTechs. CU does not operate physical branches, but provides customers with access to products and services completely online.

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