Texas-headquartered AppBrilliance has revealed that it is introducing its payments and funds transfer software development kit (SDK) for the iOS and Android operating systems.
The company reportedly made the announcement at the SoFin 2020 Event. Although SXSW 2020 had to be cancelled because of the ongoing Covid-19 pandemic, un-official or more informal events such as SoFin are still being held.
AppBrilliance’s proprietary software is used to operate at the “edge of the network,” within a trusted application layer that is installed on users’ smartphones. The software allows users, who have accounts at major US banks, to make real-time payments.
Eric Smith, CEO and founder at AppBrilliance, stated:
“Companies like Plaid and other legacy data aggregators enabled the first generation of FinTech and payment applications. With our Money Movement SDK, these companies can now offer direct push-payments and real-time transfers to their users, bypassing expensive debit and credit processing and moving funds instantly at a disruptively low cost.”
He added that firms that depend on real-time payments can potentially save anywhere between 200-300% by using the AppBrilliance platform, instead of using debit or credit cards to make payments (which can cost significantly more). Smith noted that firms which have relied on Plaid™ and similar services for ACH payment information now have access to “disruptive new technology.”
The firm’s money movement SDK will allow users to perform contactless retail payments, engaging in e-commerce, while reducing the friction in transferring funds between US bank accounts and digital asset exchanges. The company said that with its product launch, it is planning to compete with Visa for market share. It also aims to disrupt the $120 billion+ US payment processing ecosystem.
Dave Fruhling, co-founder and COO at AppBrilliance, remarked:
“As consumers continue to shift to mobile payments, our technology provides application developers a disruptive, low-friction, high security path to radically reduce their payment processing costs.”
Fruhling pointed out that although the 2-3% average cost of payment processing may seem to be quite small, switching to his firm’s SDK for real-time funds transfer can increase net profit margins for large firms by 20-30%, which is billions of dollars in savings each year.