Glastonbury, Conn. -based Payrailz, a digital payments company offering advanced bill payment and money transfer solutions to credit unions and banks, announced its official company launch.
Payrailz believes the industry is ready for a “do it for me” solution to better manage payment and money transfer needs, and has built a powerful engine driven by smart technology to turn payments into an afterthought for consumers.
The Payrailz idea centers around financial institutions succeeding by offering a smarter, faster and more engaging payment experience that surpasses the current solutions available in the market. In addition, Payrailz challenges solutions offered by alternative payments providers currently trying to disrupt the industry.
“We want to provide credit union members the ability to pay their bills for them, set up the payments they need. And we're doing that based on payments they're already making. As you know credit unions have a wealth of data about what their consumers do: who they pay, when they pay, how often they pay,” Payrailz CEO Fran Duggan said. He added, “Why not leverage what that members are doing, when they're interacting online. This is where you leverage all that AI stuff and put it to use. We make life simpler. Help them control and manage their finances and their money.”
Payrailz draws from other industries that leverage advancements in technology and artificial intelligence to meet the growing demand to automate tasks for users. It claims its intelligent and sophisticated technology’s design aims to proactively meet consumers' needs and provide a unique online and mobile experience.
Powering Payrailz solutions are an artificial intelligence engine, a robust SDK and an adaptable UI/UX that allows financial institutions to adapt to consumers’ needs and make emotional connections. Funding of the financial technology firm comes from well-established investors and financial organizations, with Live Oak Ventures acting as the lead investor.
“We are proud to partner with Fran and his team of experts to bring to market a disruptive payments solution that the industry sorely needs. Payrailz’ corporate philosophy and approach to payments will truly reinvent the way the banking and financial services industry approaches the payment experience.” James Mahan, CEO and chairman of Live Oak Bancshares. said
“Payrailz is engineering solutions that address the cultural need for technology to simplify our lives,” Duggan said. “Consumers today are growing to expect the same experience of convenience and simplicity from their financial institutions that they demand in all aspects of their lives, whether ordering food to be delivered to their homes or arranging to be driven across town. We are searching for new ways to let technology simplify daily transactions to a mere afterthought for consumers.”
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
