Glastonbury-based fintech Payrailz has a new partner.

The digital payments company, which offers secure bill payment and money transfer experiences to banks and credit unions, announced today it will team up with the bill-reduction platform Billshark. The partnership will allow Payrailz to offer its clients bill negotiation, subscription cancellation and curated shopping services enabling banks and credit unions a powerful means to reduce monthly bills for consumers and small businesses.

“Payrailz is engineering solutions to address the needs of an emerging ‘Do it for me’ culture by reinventing the payments experience. Our relationship with Billshark does this and is designed to help financial institutions increase their value to consumers in a unique way,” Fran Duggan, CEO of Payrailz, said in a statement. “We are continually searching for new ways to add value and reduce friction in the payment experience for consumers. By building bill negotiation into the payment process, banks and credit unions have yet another tool at their disposal to improve their user experience, all while reinforcing their reputations as trusted financial partners.”

According to Billshark, approximately 80 percent of consumers are being overcharged for their wireless, internet, home security and telecommunications services, while over 90 percent of consumers pay monthly fees for unwanted subscription services. Through this partnership with Billshark, Payrailz offers financial institutions the ability to add value to their customers and members by reducing their monthly bills, while transforming the entire payment and money transfer process.

Payrailz was founded to meet the growing demand to rethink and automate the payments process in the industry today. This includes a focus on helping financial institutions to add value continually to the overall payments experience.

Through negotiations and cancellations, Billshark helps consumers pay less for recurring bills including wireless phone services, internet, paid TV subscriptions and home security. Billshark has an average success rate of 85 percent when negotiating bills and a 99 percent success rate when cancelling unwanted subscriptions on behalf of consumers.

“Billshark is excited to partner with Payrailz to bring our convenient, no-hassle approach to lowering monthly bills to their growing network of bank and credit union clients,” Steve McKean, co-founder of Billshark, said in a statement. “Our team of expert negotiators will make sure consumers never overpay again. We look forward to helping Payrailz deliver on their vision of reinventing the way the banking and financial services industry approaches the payment experience.”