NYMBUS, a core banking modernization firm, has teamed up with digital payments company Payrailz in order to enhance its cloud-powered “Smart Ecosystem” of digital-first banking products and services.
NYMBUS aims to serve as an effective alternative to the legacy business model. The company plans to “disrupt” the current market by allowing financial institutions of all sizes to “buy back decades of lost time” and get to market quickly in order to support the complete digital customer journey.
As mentioned in a release, Payrailz was established to assist banks and credit unions with providing a “smarter,” faster and more engaging payment experience that’s better than the existing solutions.
The announcement noted:
“Working in partnership, NYMBUS will offer Payrailz’ digital billing and payment management solutions as part of its integrated ecosystem of offerings to help more institutions urgently reinvent themselves and proactively support consumers’ evolving digital banking needs.”
Scott Killoh, CEO at NYMBUS, stated that the Coronavirus crisis has accelerated the shift towards digital platforms and services, which are now a key requirement for financial institutions if they want to “remain relevant.”
Killoh added that his firm’s partnership with Payrailz will extend services to its bank and credit union clients. Customers will be able to access new payment features which will be offered through the partnership.
“At a time when contactless payments are on the rise and seamless digital services have never been more necessary, our combined efforts help to quickly better connect and enhance their relationships with consumers and members.”
The NYMBUS SmartLaunch™ Banking-as-a-Service (BaaS) model serves as an extension of the SmartEcosystem – which offers full operational support, including digital onboarding, marketing and integrated CRM solutions. These features may be used to quickly launch an outsourced virtual subsidiary bank.
NYMBUS will work with Payrailz to offer “Smart Launch” banks that will allow users to get-to-market in around 30 days. These digital challengers will offer consumers a way to easily pay their bills, pay friends and family members, and transfer funds online.
Payrailz offers fast, “intelligent,” data-driven digital payment software solutions that aim to meet the changing payments requirements of individual consumers and businesses. Payrailz’ software uses AI and machine learning to provide a predictive and “proactive” payment experience that banks can integrate with their existing services.
Fran Duggan, CEO at Payrailz, remarked:
“Payrailz continues to engineer innovative digital payment experiences that meet the growing demands of a ‘Do it for me’ society and simplify our lives.”
In June 2020, NYMBUS secured $12 million in growth funding. In March 2020, the company pledged to help US-based financial institutions with effectively responding to economic instability following the COVID-19 outbreak.
In January 2020, PeoplesBank chose NYMBUS’ SmartMarketing and SmartOnboarding to unify important parts of the Massachusetts-headquartered institution’s onboarding, marketing, and customer-relationship management (CRM).