Alacriti’s Orbipay Platform Streamlines Digital Loan Payment Services for Credit Union Members
Co-op Solutions is partnering with fintech company Alacriti to help credit unions deliver modern, intuitive loan payment services to their members.
Alacriti joins a growing list of credit union fintech providers in the recently launched Co-op Strategic Provider Program. The program streamlines a credit union’s procurement process by offering access to pre-vetted, best-in-class products and services outside of Co-op’s core solutions, all at preferred cooperative terms.
Through its core-agnostic, cloud-native platform Orbipay, Alacriti facilitates one-time and recurring loan payments through digital channels, including online/web, text message, chatbot and more. Orbipay supports virtually all payment methods (most commonly debit cards and ACH), as well as all loan types. Credit union members engage with the platform through a responsive user interface that can be branded for each credit union client.
“Co-op’s partnership with Alacriti advances our strategic intent to deliver the innovative digital payment experiences today’s members demand,” said Dean Michaels, Chief Strategy Officer for Co-op. “The Orbipay platform transforms what used to be a manual process and automates it, making it mobile-friendly. We have been impressed with Alacriti’s command of the tech-stack challenges facing credit unions. Their pre-built connectors and data integrations with major core and digital banking providers vastly accelerate client onboarding. Alacriti also worked with us to create an attractive pricing offer exclusively available to Co-op clients that should appeal to credit unions who already accept cards today as well as those who don’t.”
Orbipay Enhances Credit Union Member Self-Service Capabilities
Credit unions that integrate the Orbipay platform add greater member self-service capabilities to their offerings. Members are able to make loan payments easily and without in-branch or other manual servicing needs, ultimately helping the credit union achieve operational cost savings. The intuitive user interface balances security and convenience, allowing guest borrowers to seamlessly authenticate and make a one-time payment as a guest, or set up and manage a recurring payment plan under a registered user profile.
When member support is necessary, Orbipay offers credit union service representatives a range of digital features, such as single sign-on (SSO), borrower payment management and the ability to send payment links to borrowers.
“We share the member-centric values of credit union lenders, which makes this partnership with Co-op especially meaningful to our team,” said Manish Gurukula, CEO, Alacriti. “The Strategic Provider Program will help us introduce more credit unions to our differentiated approach to loan payments. We’re grateful for the opportunity to expand our reach beyond the 105 credit unions we assist in payment modernization today with Co-op’s endorsement as a referral partner reaching nearly 3,000 credit unions.”
How to Participate – As a Provider and as a Credit Union
Fintech providers can learn more about joining the Co-op Strategic Provider Program at Co-op’s website. Co-op clients interested in connecting with providers can check out the “Meet our Partners” section of the program’s webpage. Clients can explore each provider’s profile to learn more about their solutions and submit an inquiry to hear about preferred cooperative terms to which they may be entitled. The Alacriti profile page can be found here.
About Co-op Solutions
Co-op Solutions is the market-leading financial technology platform whose mission is to connect credit unions to the technology, strategic partnership and scale they need to best serve their members now and into the future. Co-op partners with credit unions to unlock their potential so they can compete; does the hard work of innovation, creating a one-stop opportunity to help credit unions grow; and offers knowledge and expertise in a world where everything must be integrated. For more information, visit coop.org.
About Alacriti
Alacriti is a leading financial technology company with a comprehensive money movement and payments services platform dedicated to helping clients accelerate their digital transformation. Built on a flexible, cloud-native framework, Alacriti’s array of solutions allows clients to deliver the money movement experiences and payments innovation that today’s users demand while seamlessly integrating with their internal infrastructures.
