Payments modernization
Alacriti’s solutions provide a path forward by facilitating the fast and simple delivery of modern money movement and payment experiences without expensive upgrades to current systems while offering additional monetization opportunities
Consumer expectations for seamless payment experiences across platforms are higher than ever—placing pressure on financial institutions. However, legacy infrastructures patched together with various vendor solutions often result in inconsistent user experiences, posing a unique challenge.
Bridging the gap with unified payments experiences
A unified, consistent interface is key for providing an elevated user experience. From the accountholder perspective, this means having access to a variety of payment channels that Alacriti offers, such as:
- Mobile
- Web
- IVR Agent
- Walk-in
- Apple Pay
or intelligent assistants and payment options such as
- Guest Pay
- Skip-a-Pay
They expect easy management and payment of bills in one place, effortless money transfers between accounts, and secure, direct-to-account transfers without sharing sensitive information. Financial institutions must meet these expectations to stay competitive and provide a seamless digital experience for their customers.
Centralized payment management
Our payments modernization solutions offer centralized payments management for financial institutions’ back offices, effectively removing silos and creating operational efficiencies. By providing cross-rail visibility, our approach ensures a comprehensive view of transactions across different payment rails, enabling better liquidity management and streamlined processes. This holistic approach to payments modernization not only simplifies the payment processes but also enhances the overall efficiency and resilience of financial operations.
Navigating Instant Payments
Real-time payments are a critical component of modernizing payments. Instant payments not only offer speed but also consistency and security, enhancing user experiences and meeting the expectations set by today’s consumers. They allow for precision in payment timing, immediate fund availability, and value-added messaging capabilities, which are crucial for businesses and consumers. As the industry embraces real-time payments (which are built on the standardized ISO 20022 messaging format), the importance of ISO 20022 grows tremendously in significance to ensure interoperability and efficiency across payment networks. Alacriti provides easy access to instant payment rails with pricing that scales with you on ISO 20022 native services.Â
Enhancing operations with Payments Hub
Payments hub are essential for modernizing payments systems, helping financial institutions streamline operations, enhance consumer experiences, and stay competitive. Leveraging a payments hub with Alacriti’s preexisting integration to your core, digital banking, and risk management systems enables faster speed to market, which is crucial at a time when challenger banks are gaining ground.
Innovation is key with real-time payments, ACH and wire modernization, and new regulations driving change. Our Orbipay Payments Hub offers a unified, cloud-native platform that enables financial institutions to streamline operations and reduce costs with end-to-end payment orchestration and processing capabilities across multiple payment rails. The end result is unprecedented cross-rail visibility and centralized reporting.
The Cost of not modernizing
Maintaining the status quo does come at a cost. To name a few:
Higher transaction costs
By not routing payments to the best payment rail, financial institutions spend unnecessarily.
Higher call center volumes
Accountholders calling to see if their payment has been posted because you don’t have real-time integration or asking simple questions that an AI chatbot could easily handle overburdens your call center.
Attrition
Businesses and consumers have indicated that they will leave their financial institutions to access faster payments.
Wasted time
A lack of modernization can cost 30 minutes per wire and 10 minutes on ACH transactions alone.
Higher Payments processing costs
Financial institutions can expect to pay up to 50% more for bill payment processing costs due to lack of modern self-service options and fully automated payment processing.
Progressively modernize with Alacriti
Payments modernization is critical for the future success of financial institutions. Alacriti stands out with the capability to allow financial institutions to progressively modernize rather than have to rip and replace existing systems. We follow through on our commitment to deliver better solutions through advanced technology and rapid development. By offering a unified, convenient, and modern payment experience, financial institutions can meet the evolving expectations of their customers and stay competitive.
Case Study
Royal Credit Union
$800k
In deposits within the first 30 days of instant payments
$15.5MM
Processed across 20,000 transactions in its first 3 months.
