Photo courtesy of Liberty Bank
Middletown-based Liberty Bank has selected Glastonbury-based Payrailz to provide its digital payments platform.
Liberty Bank will use Payrailz’s full platform of payment technology, including consumer and business bill pay, bill negotiation services, and peer-to-peer and account-to-account money transfer services, Payrailz said in a statement.
Liberty Bank conducted a nationwide evaluation before choosing to work with the Connecticut financial technology company, the statement said.
The bank wanted to achieve a greater level of personalization to meet customers’ changing expectations, Payrailz said, noting that Boston Consulting Group’s annual Retail Banking Advisory Survey showed that 37 percent of respondents wanted their bank to be more like Amazon, while 29 percent wanted their bank to be more like a personal shopper.
The Payrailz platform uses artificial intelligence and machine learning technology to offer personalized experiences to customers. Liberty Bank expects to use the platform to provide proactive and actionable recommendations to customers to help them manage their finances.
“At Liberty Bank we pride ourselves on our ability to drive continuous innovation in our digital engagement,” David Mitchell, executive vice president, general manager and chief digital officer at Liberty Bank said in the statement. “Our goal isn’t just to keep pace with current trends; our goal is to offer a money movement experience that sets us apart from the abundance of competition, from large money center banks, to the new Fintech players. Payrailz’ revolutionary payments platform will be the foundation for Liberty to execute on our payments vision now and into the future.”
Liberty Bank recently selected Alkami Technology Inc., the Texas-based financial technology company, to provide its digital banking platform.
“Liberty Bank is an industry recognized leader that is constantly making incredible strides toward innovation. We love working with banks like Liberty who share our vision to constantly push forward and not become complacent with their payment solutions,” Fran Duggan, CEO of Payrailz, said in the statement. “Liberty embraces technology to provide exceptional service to its customers particularly in today’s ‘Do It for Me’ driven culture. We are proud that they selected Payrailz and our single platform to offer a payments experience that prioritizes ease of use, personalization, actionable insights and helps their customer better manage their financial health.”
