Allied Payment Network, the industry’s most progressive provider of online and mobile bill payment services to banks and credit unions, introduced first-of-its-kind, real-time digital bill payment technology at Finastra’s FusionONE open banking developer conference, held May 21 & 22, 2019 in London. Allied Payment Chief Technology Officer, Leo D’Angelo demonstrated the company’s new Pay Now technology at the conference as a case study in how Fintech firms can integrate with bank APIs (Application Programming Interfaces) to create, deploy and monetize innovative technology for banks and credit unions.
Allied Payment Network developed the technology in collaboration with Finastra, a financial services software provider to banks and credit unions worldwide, using the FusionFabric.cloud open platform for innovation. FusionFabric.cloud allows developers to deliver their technology directly to financial institutions to help them offer the type of innovative services their customers demand.
Allied developed the real-time bill pay solution as a way to help financial institutions retain and grow their customer base through the introduction of highly engaging, innovative technology. “Many of today’s consumers will choose a bank based on the depth of its digital capabilities or, conversely, leave one that is falling short,” said Ralph, Marcuccilli, founder and Chief Executive Officer, Allied Payment Network. “Banks that offer customers real-time bill payment set themselves apart as digital leaders, building engagement that is vital to longevity in this highly competitive marketplace,” he said.
Allied’s new Pay Now feature allows the industry’s first real-time bill payments from a bank or credit union’s digital banking website or app. With a single click, funds are immediately moved from the user’s bank account to the biller, allowing for instant confirmation from the biller that the bill has been paid. “This technology appeals not only to current bill pay users, but new customers who seek a way to manage all of their bills centrally, rather than making payment at each individual biller’s website,” Marcuccilli said.
“The FusionFabric.cloud platform makes it possible for Finastra clients to be among the first to experience this industry-first Pay Now feature,” said D’Angelo. “We wholeheartedly embrace the concept of Open Banking and its power to revolutionize the rate of innovation for community banking clients.”
“Ultimately, our FusionFabric.cloud platform was created to drive value: value to financial institutions by allowing them to offer innovative solutions to their account holders, and value to Fintechs like Allied,” said Steve Reich, Head of Partner Management for Finastra. “Through our platform, Allied can get its new bill payment technology, Pay Now, into the hands of consumers faster and these consumers will benefit from the ability to manage bills centrally from their financial institution. It’s exciting to see companies like Allied and other Fintechs moving in this direction with us to enable true digital transformation.”
Allied plans to roll out its real-time bill pay solution across its extensive partner/re-seller network and within financial institutions in early fall.
SOURCE Allied Payment Network