Purdue Federal Credit Union has tapped digital payment experience provider Payrailz for payments services. The West Lafayette, Indiana-based credit union (CU) is also becoming a part of CU Railz, the credit union service organization (CUSO) of Payrailz, as a backer, according to a Monday (Sept. 21) announcement.
“At Purdue Federal, we live out the credit union philosophy of ‘people helping people,’ and in order to help our members, providing innovative payments capabilities is vital,” Purdue Federal President and CEO Bob Falk said in the announcement. “Purdue Federal and Payrailz have a shared vision to provide credit union members with payments solutions that meet their current and future needs to help set them up for financial success.”
Payrailz will provide person-to-person (P2P) payment services to Purdue Federal with intentions to bring account-to-account (A2A) payments at a later time.
Purdue Federal aimed to offer members, a large proportion of which are students, graduates, professors or staff of Purdue University, with “the most innovative digital banking tools,” according to the announcement. The CU aimed to make sure its members use payment services without having to depend on other payment mobile programs.
The CU is also “investing in Payrailz’s vision and will help to shape the future of the payments experience” by becoming a part of CU Railz, according to the announcement.
CU Railz was started to allow CUs to take charge of their future by teaming with Payrailz to create novel technologies and offerings that will reshape the payment experience, according to the announcement.
In February, news surfaced that Payrailz unveiled the addition of four new investors to CU Railz, including Indiana’s Evansville Teachers Federal Credit Union; California’s Unify Financial Credit Union; New Mexico’s Nusenda Credit Union; and Florida’s Pen Air Federal Credit Union.
Payrailz is focused on digital payments and works with CUs and banks across the nation.