All posts by Ruhsora Magruf

Marketing Manager Ruhsora manages the marketing department and is responsible for execution of Alacriti's corporate marketing strategy. Ruhsora is a graduate of Rutgers University.

2022 Alkami Co:lab

 

Alacriti is excited to join and exhibit at Alkami Co:lab, which brings together leading financial institutions, fintech companies, analysts, consultants, and digital banking experts to explore the future of digital banking. Attendees can use the collective power of the event to stay competitive now and determine what’s next for the industry.

Learn more about how we help financial institutions create modern digital payments and money movement experiences by visiting us at Booth #23. Also, enter our raffle to win a pair of Apple AirPods! If you’d like to schedule a meeting, please click here.

Alkami Co:lab is hosted by Alkami, a leading provider of cloud-based, innovative digital banking solutions. This event will take place in Grapevine, Texas on April 25-27, 2022.

RTP vs. FedNow: Is There a Wrong Choice?

 

Credit unions have had to make the difficult decision of offering the benefits of real-time payments right away with either the TCH RTP® network—or waiting for the FedNowSM Service. With the FedNow Service on track to go live in 2023, much of the wait is over. So which one is better? Or should credit unions embrace both networks?

In this NACUSO hosted webinar, Erika Baumann, Sr. Analyst for Aite-Novarica, and Al Griffin, Product Manager at Alacriti, discuss how the FedNow Service and the RTP network should fit into your payments strategy, focusing on:

  • Which path credit unions should take, the FedNow Service or RTP
  • What real-time payments mean for member satisfaction
  • What processes need to change for those going beyond receive-only
  • How the payments rail you choose affects your members
  • Use cases for RfP and what it does for your small businesses
  • What it takes to connect to the RTP network or the FedNow Service

 

Off the Shelf Integration with Your Core Banking System

Legacy, batch-based payment systems are often not equipped to deal with the complexity of today’s rapid rate of change in the payments space. From real-time payments to ever-growing payment channel options, the demands continue to grow. Payment platforms that are cloud-based and built on ISO 20022 are key to ensuring that financial institutions continue to keep pace with innovation. In addition, integration with the core banking system is what really drives efficiency for the bank or credit union.

Download the article and learn why integrating your solutions makes a huge difference to your financial institution.

Credit Unions: Growing with Small Businesses Through Payments

Businesses are becoming more cognizant of how a great payment experience can make them stand out in the marketplace. On the other hand, they are subsequently recognizing when their financial institution is not able to help them keep up with the industry, particularly direct competitors. As part of this, payments are shifting not only from checks to electronic payments but from electronic payments to MORE electronic payments.

In a Credit Union Times hosted webinar, Erika Baumann, Sr. Analyst for Aite-Novarica and Al Griffin, Product Manager at Alacriti, discussed how credit unions can win by educating small business clients on how to use payments technology to their advantage.

Download the webinar recap to learn more.

Banking on Gen Z

Generation Z, born between 1997-2012, is the generation after millennials. If financial institutions want to sustain their success to the end of this decade, they need this generation to be a sizable part of their consumer base. But Zoomers are just getting started—many are still in college, and most are new to the banking industry—all amid the chaos of the pandemic. This is the time to start reaching out to them, but how can traditional institutions stand out from challenger banks with this critical generation?

In this Banking Exchange hosted webinar, Paul Letgutko, Senior Principal at Aite-Novarica, Katerin Gomez, Marketing Associate at Alacriti (and also a Zoomer), and Kristen Jason, Senior Product Marketing Manager at Alacriti discuss:

  • How the role of the branch, call center, and the app are different for Zoomers
  • The value of financial advice and expertise for Zoomers
  • The importance of communicating the brand message to Zoomers
  • The pandemic’s effect on Zoomer attitudes and trends
  • What cancel culture means for your relationship with Zoomers

CUNA Governmental Affairs Conference 2022

Alacriti is looking forward to attending and exhibiting at the CUNA Governmental Affairs Conference (GAC), where CUNA, leagues, credit unions, system partners join together to share the credit union difference with lawmakers. During this event, attendees can connect with the growing credit union community, advance the credit union mission, and advocate for the financial well-being of more than 120 million people.

Visit us at Booth #1139C to learn more about how we assist credit unions in delivering modern digital payments and money movement experiences. Also, enter our giveaway for a chance to win an Amazon Echo Show!

The Credit Union National Association (CUNA) is a national association that advocates for all U.S. credit unions to support and advance the credit union movement. That means everything from legislative advocacy to training to industry-leading events and products. The conference will take place in Washington, D.C. from February 27 to March 3.


ICBA Live 2022

Alacriti is excited to attend and exhibit at ICBA Live 2022, the largest annual gathering of community bankers. Attendees will have access to informative programs on current community bank topics as well as the expo hall, which will feature over 200 leading products and service providers.

Come talk to our team at Booth #207 about how we help community banks deliver modern digital payments and money movement experiences. Also, enter for a chance to win Apple AirPods in our giveaway!

The Independent Community Bankers of America (ICBA) is an organization that creates and promotes an environment where community banks flourish. This year’s conference will be held in San Antonio, Texas February 27 – March 3.

Episode 6: Transforming Payments with Request for Pay (RfP)

With real-time payments accelerating, Request for Pay (RfP) functionality has the potential to revolutionize the bill payment space as we know it. In this interview, Mark Ranta, Alacriti’s Payments Practice Lead, explores what you need to know about RfP and how real-time payments are changing. We also discuss how financial institutions and account holders can benefit from RfP—and take advantage of it now.

Payments in 2022: What You Need to Know

In this webinar, Celent and Alacriti discuss what 2022 has in store for payments – and it’s a lot! Financial institutions have plenty to focus on, from changes in consumers’ payment habits to addressing the issues they had prior to the beginning of the pandemic, and not least the need to modernize their payment solutions to support new payment methods and rails. Two themes, in particular, are being discussed at every bank – cloud and real-time payments. With FedNow round the corner, the move to ISO20022 for wires getting ever closer, and Zelle well and truly here, the presentation will focus on how banks should approach this once in a lifetime opportunity to be at the forefront of change.

  • How Covid-19 has impacted payments in U.S. banks
  • What happened in 2021, and what it means for 2022 and 2023
  • How real-time payments and RfP will come of age in 2022
  • How with the impending FedWire cut-over, payments modernization is now no longer a nice to have, but a critical business risk
  • What actions banks should be taking today to ensure they meet the deadlines

The Hitchhiker’s Guide to EBPP (Infographic)

Today’s consumers are more connected and informed than ever before. They expect products and services to match the mobility and flexibility of their lifestyles. So why should their bill payments be any different?

Truth is, consumers are always looking for the newest ways to manage and pay their bills—and in the post-COVID-19 world, new ways to conduct business with as little contact as possible have jumped in popularity. Providing solutions that are forward-thinking and customer-focused can help businesses establish a competitive advantage. An electronic bill presentment and payment (EBPP) solution can help your business get started on this journey.

What is EBPP?

An EBPP solution integrates seamlessly into existing systems to present bills electronically and accept payments from customers. EBPP helps bridge the gap between digital payments (web, Pay by Text, intelligent personal assistants, etc.) and payments generated from more traditional channels (agent, IVR, kiosk, etc.). In addition, an EBPP solution supports multiple payment methods (ACH, credit cards, debit cards, cash, etc.) while giving customers the ability to choose from a variety of payment options (recurring payments, payment plans, AutoPay, etc.).

What are the benefits of EBPP for businesses?

Bill payments have a direct impact on a business’s bottom line, making it imperative to deliver a user experience that works for all customers. The personalization that an EBPP solution can provide makes it easier for businesses to offer a user-centric experience no matter how customers choose to pay.

Here are some of the benefits of EBPP for businesses:

  • Deliver Bills Instantly – Send bills as soon as they’re ready and eliminate the time lag associated with mail delivery. Electronic bills can also help encourage customers to accelerate the timing of their payments.
  • Reduce Costs – Printing and mailing paper bills costs both time and money. Moving customers to e-bills can reduce the expenditures needed for printing, fulfilling, and sending hard copy statements as well as fulfill consumer demands for contactless payments. In addition, an EBPP solution can give customers the tools to self-service online. This can free up time for call center staff to focus on more strategic priorities.
  • Go Green – Today’s consumers are more environmentally aware and welcome opportunities to be eco-friendly. E-bills allow your business to provide choice, meet customer needs, reduce environmental impact, and control costs.
  • Strengthen Customer Relationships – A happy customer is a loyal customer. Providing an intuitive and easy-to-use bill payment experience can help strengthen your business’s relationships with your customers.

 

Read the complete list of benefits in our infographic.

Download PDF

The Bottom Line: Billing and payments are a critical component of the customer journey. Providing a wide range of electronic payment options to your customers can help your business meet their needs while strengthening customer relationships, reducing costs, and streamlining operations. 

*Updated from a blog originally published September 17, 2019.

Learn more about the basics of EBPP.

Top Payment Trends to Watch in 2022

COVID-19 has dramatically affected digital transformation and the payments industry. So what can credit unions expect in 2022?

In a recent webinar hosted by Callahan & Associates, Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group, and Al Griffin, Principal Solutions Consultant/Product Manager at Alacriti, discussed what’s to come.

Download this article for a recap of the webinar.

Veridian Credit Union and Alacriti Announce Launch on the TCH RTP Network

Veridian Credit Union, a full-service financial cooperative with $5.5 billion in assets and more than 260,000 members, along with their third-party service provider Alacriti, announced that they are now live on The Clearing House’s (TCH) RTP® network. Veridian’s members can now receive payments in real-time from any person or business transacting on the RTP network.

Veridian deployed Alacriti’s cloud-native, ISO 20022-based end-to-end solution for payments processing and settlement—Cosmos Payment Services. The successful launch marks the first milestone in Veridian’s payments transformation journey with Alacriti, with the financial institution live on the system just ten weeks after project kick-off. Veridian’s members can now receive funds up to three days earlier than some traditional payment types.

“Our members rely on Veridian to rapidly deploy technology solutions to improve their digital experiences,” said Brett Engstrom, Veridian’s CIO. “Our partnership with Alacriti helped us quickly realize the first, of what promises to be many, benefits of real-time payments.”


“The RTP network continues to grow and expand, and this project is another win for real-time payments as a whole,” said Keith Gray, VP Strategic Partnerships, The Clearing House (TCH). “The speed of this project is a great proof point for other financial institutions exploring faster payments as to just how quickly they too can start realizing the benefits faster payments brings to the table—it’s not months or years, but weeks.”

“Every journey starts with the first step, and we congratulate our partners and friends at Veridian on this important accomplishment. At the same time, we are equally excited about what lies ahead on this payments transformation journey. The future of payments is being shaped by the market today, and our two organizations are now on the cutting edge of that change. We are proud to be one of Veridian’s trusted technology partners and look forward to what we can achieve together.” said Carl Robinson, SVP, Alacriti.

About Alacriti

Alacriti is a leading financial technology company with a comprehensive money movement and payments services platform, dedicated to helping our clients accelerate their digital transformation. Built on a flexible, cloud-native framework, our array of solutions allow clients to
deliver the money movement experiences and payments innovation that today’s users demand, while seamlessly integrating with their internal infrastructures.

About Veridian Credit Union

Veridian Credit Union, founded in 1934 in Waterloo, Iowa, is a not-for-profit financial cooperative owned by its members. The credit union offers a full range of business and consumer financial services with approximately 1,000 employees and 30 branches across Iowa and eastern Nebraska. For more information, visit veridiancu.org or call (800) 235-3228.

Credit Unions: Growing with Small Businesses Through Payments

Businesses are becoming more aware of how to use payments as a market differentiator and subsequently recognizing when their financial institution is not able to help them keep up with the industry, particularly direct competitors. As part of this, payments are shifting not only from checks to electronic payments but from electronic payments to MORE electronic payments.

In this Credit Union Times hosted webinar, Aite-Novarica Group and Alacriti discuss:

    • Recent Aite-Novarica corporate research on small business adoption of electronic and faster payments
    • How credit unions can gain market share by educating small business clients on how to use payments technology
    • The potential opportunity cost of not modernizing to keep up with market demand
    • Recommendations on what credit unions can do to optimize their electronic payments

 

Apiture and Alacriti Partner to Deliver Customizable Digital Loan Payment Solution for Banks and Credit Unions

Apiture, a leading provider of digital banking solutions, today announced a partnership with Alacriti, a fintech company specializing in payments innovation, to empower credit unions and banks to seamlessly deliver modern, intuitive digital loan payments solutions. Through an integration with Alacriti’s Orbipay Platform, Apiture Xpress clients can now enable their customers and members to make loan payments via their preferred channels, methods, and frequency.

Built on Amazon Web Services, Alacriti’s Orbipay Platform offers industry-leading money movement experiences and flexibility. Customers can elect to make payments via mobile, web, IVR, guest pay, chat, and other channels and by ACH, debit, cash, and check. Users can also select the option of one-time, recurring, or automatic payments. Banks and credit unions using Apiture Xpress can leverage Alacriti’s Orbipay to integrate a brand-customized portal where customers and members can view, schedule, and manage their payment transactions such as electronic bill payments for auto and mortgage loans.

“We are thrilled to partner with Alacriti to deliver an innovative money movement solution to our clients,” said Chris Babcock, CEO of Apiture. “Both Apiture and Alacriti share a passion for transforming outdated, manual processes to provide customers with the improved digital experiences they expect in both their business and personal lives.”

Access to agile money management solutions is increasingly critical to consumers and providers alike. According to The Speed of Money report, sponsored by Alacriti, 21 percent of respondents report that they have abandoned a financial transaction because it would take too long. The Alacriti partnership provides credit unions and banks with a seamless and scalable payment solution that will allow Apiture’s clients to accelerate cash flow, improve customer experience, satisfaction, and retention, and streamline payment processing and settlement.

“Given the shared vision we have with Apiture to bring innovative digital money movement solutions to credit unions and banks, and the volume of relationships they hold in the industry, this partnership was an easy choice,” said CEO of Alacriti Manish Gurukula.

This latest partnership brings Apiture, Alacriti, and Glia, a leading provider of digital customer service, into the same orbit, seamlessly integrating access to resources to help customers and members to navigate the digital payments experience. Apiture recently announced a partnership with Glia debuting Apiture Xpress Live, which enables clients to tap into enhanced chat functions, video and voice banking, and screen sharing to communicate with customers. Similarly, Alacriti announced its partnership with Glia in 2020, launching their payments-focused AI chatbot: Ella.

About Apiture

Apiture is a leading provider of digital banking solutions. Apiture provides financial institutions with the integrations, capabilities and resources that banks and credit unions have not had access to in the past. Offering two differentiated digital experience platforms, Apiture Xpress and Apiture Open, Apiture develops innovative solutions that can be used by financial institutions of any size. Apiture serves hundreds of financial institutions in the United States market. The company is headquartered in Wilmington, North Carolina, with offices in Austin, Texas.

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 allow clients to deliver the money movement experiences and payments innovation that today’s users demand, while seamlessly integrating with their internal infrastructures.

Maximizing the Member Experience Through Payments

Indirect members represent a tremendous opportunity for credit unions, and their loan payment experience is often their first interaction. When that experience is efficient and convenient, that can lead to those members opening new accounts or loans as direct members.

Dustin Kizer, Alabama Credit Union Digital Services Director, and Carl Robinson, Alacriti Payments SVP, discussed how to maximize the member experience through payments transformation on a webinar hosted by CUInsight.

Download this article for a recap of the webinar.

Simplifying Your Payment Strategy

The expectations for modern digital payment and money movement capabilities and experiences are accelerating. Driven by digital experiences in their consumer lives, members are expecting to have the same, frictionless experiences in their financial lives whether they’re making a P2P transfer, funding a new account, or paying a loan (which is often the experience that dictates whether an indirect member becomes a direct member).

Unfortunately, many of today’s credit unions are struggling to keep up with these expectations. This gap is allowing traditional competitors, as well as digital wallet providers, challenger banks, and fintechs to prevail. Join us on Tuesday, November 30, 2021, at 10:30 a.m. ET to hear from Mark Ranta, Payments Practice Lead at Alacriti and learn:

  • How COVID-19 has raised the bar for what members expect for digital service
  • The limitations that legacy payment technology brings to the member experience
  • How you can operate all of your existing financial services technology on a single platform
  • Real-life use cases for payments modernization for members
  • Recommendations for planning for 2022

This webinar has ended.

Top Payment Trends to Watch in 2022

As 2021 comes to a close, it’s time to reflect on the year and what we can expect in 2022 for payments. COVID-19 has accelerated digital transformation and impacted (and still is) the payments industry tremendously. This, alongside the rise of real-time payments, means that consumers and businesses continue to experience a great deal of change in how they pay and are paid.

In this webinar playback, speakers from Mercator Advisory Group and Alacriti discussed what payment trends are anticipated in 2022. The webinar also covered:

  • A review of the changes caused by COVID-19 and what we can expect to continue in 2022
  • What a modern payments experience looks like in other countries, and what we can expect to make it to the U.S.
  • What transaction volumes for real-time payments and faster payments overall will look like
  • The significance of API-driven architecture, microservices, and ISO 20022 standards
  • More on digital wallets, digital banks, and frictionless payments
  • Recommendations on preparing for next year

AFP 2021

Alacriti is looking forward to attending and exhibiting at AFP 2021, the country’s largest gathering of corporate treasury and finance professionals. At this event, attendees can choose from a large selection of educational sessions and network with their peers.

Come see us at Booth #601 to speak with our team about how we can help your organization deliver modern digital payments and money movement experiences. Also, enter our giveaway for a chance to win a ASUS portable monitor!

The Association for Financial Professionals (AFP) is an organization dedicated to the development and education of finance professionals. This year’s conference will take place November 7-11 virtually and November 7-10 in-person in Washington, D.C.

Alacriti and Alkami Announce Partnership to Bring Unified Money Movement Services to Credit Unions and Banks

Alacriti, a fintech company specializing in payments and money movement solutions, has partnered with leading digital banking solutions provider Alkami to deliver modern, frictionless digital payments and money movement services to credit unions and banks. Through this strategic partnership, Alacriti has integrated its Loan Payment platform, part of Orbipay Unified Money Movement Services, into the Alkami Digital Platform, powering seamless experiences to credit union members and bank customers.

“This partnership brings the power of our highly customizable digital payments and money movement technology to the banking ecosystem through Alkami’s userbase. Together, Alkami and Alacriti will enable banks and credit unions to quickly and seamlessly deliver modern, intuitive digital loan payments across multiple payment channels. Alacriti’s Unified Money Movement Services include: A2A transfers, P2P payments, bill pay, disbursements, and real-time payments,” stated Manish Gurukula, Alacriti CEO.

Alkami’s Co-Founder and Chief Strategy & Sales Officer Stephen Bohanon said, “We’re excited to offer Alacriti’s Orbipay Loan Payment Services to our new and existing banking and credit union customers. In addition, Alacriti’s real-time money movement platform is fully integrated with the Alkami Platform, enabling a fast, cost-effective path to delivery and a future-proof foundation for innovation. This partnership further supports our focus on accelerating digital transformation to drive growth for our client community.”

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 allow clients to deliver the money movement experiences and payments innovation that today’s users demand, while seamlessly integrating with their internal infrastructures.

About Alkami

Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly and build thriving digital communities. The Alkami Platform is the digital banking and fraud mitigation platform of choice for over 260 financial institutions. Alkami’s investments have resulted in a premium platform that has enabled it to replace older, larger and better-funded incumbents and provide clients with world-class experiences reflecting their individual digital strategies.

To learn more about Alkami or to request a demo, visit alkami.com.

Maximizing the Member Experience Through Payments

The loan payment experience for your credit union is often the first impression. When it’s done right, indirect members love the experience—leading to opening new accounts or loans as direct members. However, when it’s inefficient and cumbersome, it can lead members to look elsewhere to meet their financial service needs.

In this webinar, hosted by CUInsight, Alabama Credit Union and Alacriti will walk you through maximizing the member experience through payments transformation and discuss the benefits on the other side, including:

  • How to improve your loan portfolio’s performance
  • How to lower servicing costs via digital transformation
  • Expanding the indirect loan portfolio with digital tools
  • What members are expecting from modern money movement experiences