The new additions were Unify Financial Credit Union, from Torrance, CA, Evansville Teachers Federal Credit Union of Evansville, IN, Pen Air Federal Credit Union of Pensacola, FL and Nusenda Credit Union from Albuquerque, NM.
Payrailz specializes in digital payments and works with banks and credit unions throughout the U.S.
The new investors will join the six existing founding members in partnering with Payrailz on developing new projects.
Bill Schirmer, president and CEO of Evansville Teachers Federal Credit Union, said his company was glad to partner with Payrailz and continue to offer fast services to users. He promised a “progressive” and “contemporary” real-time digital experience, according to a press release.
Payrailz was launched in August of 2019, the product of a working relationship between two existing CUSOs, Members Development Company (MDC) and Constellation Digital Partners, which are now working partners of Payrailz.
From there, the company consisted of six Credit Unions: Coastal Credit Union (Raleigh, NC), Farmers Insurance Federal Credit Union (Los Angeles, CA), Georgia’s Own Credit Union (Atlanta, GA), Meritrust Credit Union (Wichita, KS), Teachers Credit Union (South Bend, IN) and TwinStar Credit Union (Lacey, WA).
CU Railz provides opportunities for all credit unions and other CUSOs to become owners in the CUSO. That gives one the opportunity to have a voice in the way the company is going, and to access favorable pricing and new, innovative services for credit union members.
CU Railz members are also partners in new developments in technology and experiences, which the company wants to hold onto to remain competitive in today's business landscape. Payrailz chief executive Fran Duggan said the company is working to remain inventive by allowing credit unions more of a say in how the company moves forward.