Backbase says that Alacriti, a cloud-based payments and money services provider, will integrate its payments hub solution into the Backbase Engagement Banking Platform.
Through this partnership, Backbase clients will be “able to offer instant payment capabilities to their customers. Backbase, leveraging Alacriti’s Orbipay Payments Hub, will support end-to-end payment orchestration and processing through the RTP network, the FedNow® Service, Visa Direct, Fedwire, and ACH payment rails.”
This partnership prepares financial institutions (FIs) to effectively “respond to payments industry changes, such as the evolution of ISO 20022 messaging standards and the launch of the FedNow Service. Orbipay Payments Hub’s microservices-based architecture makes it possible for FIs to meet the growing demand for real-time payments while orchestrating payments through older rails, even with existing legacy systems.”
The result is the accelerated deployment of instant payments, “reduced transaction costs, and centralized reporting across all payment rails, as well as a better experience and more payment options for end users.”
The evolving U.S. payments landscape, “marked by the rise of new standards and payments capabilities, provides financial institutions an opportunity to offer a better solution to their members.”
Senior Vice President and General Manager Sam Boggs III at Backbase said Alacriti will provide a great next step in his company’s payment strategy.
The addition of Alacriti’s Orbipay Payments Hub “to the Backbase Engagement Banking Platform offers a grow-as-you-go model where financial institutions can adopt rails at a pace that is best for their business and budget.”
In addition, intelligent routing ensures payments are “placed on the most cost-efficient rail at the required speed of the customer for each transaction.”
Mike Davis, Chief Revenue Officer, Alacriti, said:
“Combining Alacriti’s frictionless instant payments capabilities with Backbase’s best-in-class Engagement Banking Platform is a game changer for community banks and credit unions. Together, we’re enabling these FIs to seamlessly decouple from traditional core systems and embrace a more agile and scalable approach to innovation. By aligning with Backbase’s commitment to progressive modernization, we’re strengthening the digital experiences financial institutions can offer their customers.”