Glastonbury-based fintech Payrailz has formed a major partnership with a top 20 credit union in the country.
The company announced yesterday that Tampa, Florida-based Suncoast Credit Union, which has $9.2 billion in assets, will now offer its payment services to members.
Through this partnership, Suncoast Credit Union’s 785,000 members will have access to Payrailz’s intelligent and sophisticated payment technology, including consumer and business bill pay, bill negotiation services, P2P and A2A money transfer services.
“We are so honored that Suncoast Credit Union has selected us as its payments service provider of choice to offer its vast member base a smarter payments experience,” Fran Duggan, CEO of Payrailz, said in a statement. “Suncoast Credit Union fully embraces the current and future needs of its members, particularly in today’s ‘do it for me’ culture, which prioritizes ease of use and the need for more sophisticated and predictive payment solutions to simplify their daily lives. Through our partnership, Suncoast Credit Union has yet another tool at its disposal to improve its members’ experiences and build on its solid industry reputation as a trusted financial partner.”
Payrailz’s payments and money transfer solution aims to partner with small and regional banks and credit unions by using artificial intelligence to deliver insights about consumers’ billing and payment accounts to make paying the bills easier.
By leveraging bank data, the application gets to know the consumer and makes recommendations that, with the user’s approval, will help streamline the bill-paying process, and ultimately greatly reduce – or even potentially eliminate – time spent paying bills.
Suncoast Credit Union has an in-house innovation department dedicated to mobile and online banking development, and decided to partner with Payrailz to gain specialized expertise in payments and to help chart its defined roadmap for the future.
“We prioritize adding value to our members through enhanced services, particularly in ways that simplify their lives by improving their user experience,” Ted Hassenfelt, CIO at Suncoast Credit Union, said in a statement. “Partnering with Payrailz fits with our digital strategy to provide the best service to our more than 200,000 electronic bill payments each month, and numerous member-to-member and account-to-account transfers.”
