Alkami will offer Payrailz’s bill pay and P2P solutions, including real-time payments capabilities, to its customers, while Payrailz will give users proactive payment recommendations based on data from their payment history.
“Payments are a key offering for banks and credit unions today,” said Stephen Bohanon, chief strategy and sales officer at Alkami, in the press release announcing the partnership. “While they used to be seen as an additional service, they are now non-negotiable for the customers and members that our financial institutions serve.”
Alkami and Payrailz will work together to deliver options including real-time payments, Mastercard’s BPX and FedNow —the Federal Reserve’s real-time payments rail.
“Today’s consumer has so many options for payments — many of them coming from outside their bank or credit union,” said Fran Duggan, CEO of Payrailz, in the joint press release.
“It’s safer and easier to transact directly through their financial institution instead, which is why we’re working with Alkami to deliver the best digital payment solutions, directly through a consumer’s online or mobile banking,” he said.
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Related: CHUCK Takes on Zelle With Alloy Labs, Payrailz Partnership
Community and midsize banking association Alloy Labs Alliance 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 option of choosing where they want the money to go, including some of the most popular payment networks, without logging into multiple apps or moving funds between apps. The network will be made available to all U.S.-based financial institutions.
Also Read: UK Presses Further Ahead With Open Banking Ambitions
In March, Alliant Credit Union called on Payrailz to digitize its payments offering, helping Illinois’s largest CU to compete with more agile FinTechs. The CU does not operate physical branches, but allows customers to access products and services entirely online.
