Background
IH Mississippi Valley Credit Union (IHMVCU), a prominent financial institution dedicated to serving over 140,000 members, was looking for a partner that was technically mature enough to scale to what they needed in a loan payments solution. With a commitment to member satisfaction and success with small to medium-sized businesses, IHMVCU sought to modernize its payment infrastructure and provide a seamless, efficient, and user-friendly loan payment experience.
The Need for Change
Prior to this partnership, IHMVCU faced challenges with an outdated payment system that lacked core connectivity, provided minimal account validation, and resulted in numerous exceptions and inefficiencies. The existing system struggled to meet the credit union’s growth and innovation goals. Recognizing these limitations, IHMVCU sought a more advanced and responsive solution to align with its forward-looking strategy.
Why Alacriti?
HMVCU selected Alacriti’s Orbipay EBPP loan payment solution for its robust, cloud-native platform that integrates seamlessly with core banking systems. Key factors influencing this decision included:
■ Strong Partnership: Alacriti’s commitment to collaboration and customer support.
■ Comprehensive Solution: Ability to consolidate multiple payment solutions under one vendor.
■ System Integration: Orbipay EBPP was directly integrated into IHMVCU’s core and digital banking systems.
■ Open Architecture: Flexibility and scalability to meet IHMVCU’s evolving needs.
■ Company Size: Alacriti was large enough for scale but small enough to provide the responsiveness that IHMVCU was seeking.
■ Data Quality: Alacriti provided data validation and a vast improvement in the way they reviewed their payments data. “Our old provider did very little account validation which created a number of exceptions. With Alacriti’s Orbipay EBPP, we now have negligible exceptions, significantly improving our operational efficiency,” said Samantha Boggs, Product Owner at IHMVCU.
“We chose Alacriti because we were looking for a partner that could deliver innovation to our members. The integration of Orbipay EBPP allows us to offer our members a state-of-the-art loan payment solution that is easy to use and allows our members to pay loans from any device, any time,” said Rory Madden, Director of Digital Banking at IHMVCU. As a result, members were able to have a wide range of payment options, including Guest Pay, ACH, and debit card payments.
Implementation
Despite the complexity of the integration, the transition to the new system was swift. IHMVCU launched its new payment platform in early 2024, meeting the expected timeline. “We were impressed that not only did they stick to their own timeline, but that they offered us the ability to have some flexibility in our requirements.” Madden shared. “The support from Alacriti during our implementation was exceptional. Their intricate knowledge and proactive approach ensured a successful rollout.”
One of the standout aspects of the implementation was the integration of Orbipay EBPP with IHMVCU’s core banking systems. This integration was critical to providing a unified payment experience for members. Boggs emphasized the importance of this integration: “The ability to have a core-connected system that displays specific loans or accounts to be paid was big for us. It’s a vast improvement in the way we review our payments data.”
Results
In the first few months following the implementation, IHMVCU experienced significant improvements:
■ Cost Reduction: Operational costs related to loan payment processing decreased by 25%.
■ Efficiency: Exception handling time reduced from 6 hours a week to 30 minutes.
■ Employee Login Efficiency: Due to the integrated SSO for IHMVCU employees, employees were able to log in seamlessly, saving time for every login. “The granularity of the permissions and the ability to integrate SSO for our employees has saved time and improved efficiency. Small efficiencies from transitioning to Orbipay add up significantly,” Boggs pointed out.
Benefits
The new system provided several key advantages to IHMVCU members:
- Simplified Payments: Members can now easily make payments using the Guest Pay option without needing to create an account, streamlining the process.
- Comprehensive View: The integrated system allows members to see all their payment options and account details in one place, enhancing convenience and transparency.
- Robust Tracking: The new platform offers detailed tracking and validation, ensuring accurate and secure transactions.
- Enhanced Member Experience: Members benefit from a user-friendly, core-connected payment interface that allows them to easily manage their payments and view their account details in real time.
Operational Benefits
The new system received positive feedback from IHMVCU staff, who found it easier to use compared to the previous platform. Boggs shared a story about the lending team, which was won over by the detailed reporting and data export capabilities of Orbipay EBPP. “Our lending portfolio produces consolidated data reporting and as soon as they got wind of the ability to export the data out of Orbipay, they requested access.” This was a great new data source for our team. Internally, IHMVCU reaped multiple benefits from Alacriti’s solutions:
- Streamlined Processes: The open architecture and core integration simplified operations, enabling real-time data processing and reducing manual intervention.
- Improved Reporting: The detailed reporting capabilities provided valuable insights, helping IHMVCU make data-driven decisions and optimize its payment processes.
- Enhanced Support: The support from Alacriti exceeded expectations, with quick and effective responses to any issues or queries, fostering a strong partnership.
Future Outlook
Looking ahead, IHMVCU plans to expand its payment services further. The credit union is exploring the addition of Pay by Text and is considering implementing real-time payments to stay ahead of industry trends. The partnership with Alacriti continues to evolve, providing the technological foundation needed to support its innovative goals and meet the evolving needs of its members. The collaboration between IHMVCU and Alacriti shows the value of a true partnership relationship between a fintech and a financial institution. By leveraging Alacriti’s advanced payment solutions, IHMVCU has significantly improved its payment processes, delivering enhanced value to its members and positioning itself for future growth. “Our experience with Alacriti has been exceptional, and we are excited about the continued benefits this partnership will bring to our members and our organization,” said Madden
