Payrailz®, a digital payments company offering smarter, more engaging payment experiences to banks and credit unions across the United States, announced that its payment services will now be available through the Alkami platform.
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Through this partnership, financial institutions on the Alkami platform will now be able to deliver Payrailz’ smarter and more engaging experience to end-users. Specifically, Alkami will offer Payrailz’ bill pay and P2P solutions, which include real-time payments capabilities. Payrailz also provides users with proactive payment recommendations based on data from their payments history.
“Payments are a key offering for banks and credit unions today. 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,” Stephen Bohanon, Chief Strategy and Sales Officer at Alkami. “We are thrilled to be able to offer this smarter, faster, and more secure payment solution to our banks and credit unions.”
Real-time payments were a key element in Alkami’s decision to work with Payrailz. With faster payments like RTP, Mastercard’s BPX, and FedNow (the Federal Reserve’s own real-time payments rail), it is critical that banks and credit unions are able to support faster payments in order to stay on top of what is poised to become the new industry standard.
“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. “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.”
About Alkami
Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly, and build thriving digital communities. The Alkami Platform is the digital banking and fraud mitigation platform of choice for over 280 financial institutions. Alkami’s investments have resulted in a premium platform that has enabled it to replace older, larger, and better-funded incumbents and provide clients with world-class experiences reflecting their individual digital strategies.