All posts by Tiffany Taylor

Blog Contributor Tiffany Taylor is a technology marketing professional with broad expertise in a number of marketing disciplines and financial technology expertise including payments, retail and digital banking, core processing, and lending. As the owner of Tiffany Taylor Marketing, Tiffany brings a well-rounded perspective to FinTech marketing and creative content development.
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Meeting Consumer Demand: Real-Time Payments Use Cases

Since TCH’s launch of its RTP® network in 2017, the first new payments network in 40 years, adoption has been steady, but slower than it should be for a variety of reasons, including uncertainties about profitability and a reactive stance to consumer demand, as well as a lack of imagination about all the ways real-time payments could act as a foundation for new products.

Real-time payments offer numerous benefits for consumers, including speed, convenience, and security. Consumer demand exists and the benefits are undeniable, so the field remains wide open for innovative opportunities to leverage—and monetize—real-time payments. How exactly then can financial institutions best leverage real-time payments to add speed, convenience, safety, and value for consumers—and increase revenue?

Drawing out consumer demand for real-time payments

Consumers have had a taste of faster/instant payments and they like it— 41% are even willing to pay for the added speed and convenience in some cases, for example, paying a fee to transfer money from their P2P app instantly as opposed to waiting 2-3 days for an ACH transfer to their bank account.

The problem is, while the benefits are tangible and easy for them to see, consumers aren’t going to proactively knock on their financial institution’s door and demand “real-time payments” because they don’t know or care how faster payments happen. It’s up to financial services providers to lead with innovation based on consumer demand and expectations. After all, if you don’t do it, a disruptor will step in for you.

A solid example of this can be found in cross-border payments. Many financial institutions still only offer wire transfers to send money internationally. And many financial institutions will say there is little demand for wire transfers these days, especially low dollar amount transfers. However, people in the U.S. send $74.6 billion to individuals in low- and middle-income countries a year. Fees average 6% a transaction. For example, sending $1,000 to a family member could cost $60.   However with some alternative services available, sending money internationally is quick, cheap, and easy. For example, to send money to send $50 to someone in Mexico with WorldRemit (most transfers are instant or near instant), it would just cost $1.99. The truth is, demand is there, but traditional financial institutions aren’t meeting it, so consumers have had to seek fulfillment from disruptors. This is business financial institutions could easily recapture using real-time payment rails. 

Benefits for consumers, opportunities for banks and credit unions

Speed

One of the biggest benefits of real-time payments is speed. When a real-time payment is sent, the funds are transferred instantly. This is in contrast to traditional payment methods, such as ACH transfers, which can take several days to clear.

Financial institutions can satisfy this need for speed using real-time payments rails as the bedrock for innovative products and services, like instant P2P payments, upselling instant transfers from app balances to consumers’ bank accounts, instant (or earlier) payroll, and expedited bill pay.

Convenience

Another benefit of real-time payments is convenience. The 24/7/365 nature of real-time payments means bankers’ hours are a thing of the past. Consumer access to the network via integration with existing banking channels means consumers can send and receive money—or pay for goods and services—anytime, anywhere.

Security

Real-time payments also offer enhanced security. Funds are transferred using a secure network with no float time, which helps to reduce the likelihood that fraudsters will have time to attempt to divert and intercept payments. This can be especially helpful for securing large transactions, such as mortgage escrow funds.

Orbipay Instant Payments brings the future to financial institutions

The use of real-time payments will eventually grow rapidly. As more and more businesses and consumers adopt real-time payments, we can expect to see even more innovative use cases emerge.

Alacriti’s Orbipay Instant Payments brings a modern payments infrastructure to financial institutions. The platform provides access to TCH’s RTP® network, FedNow® Service, and Visa Direct payment rails empowering you to deliver modern money movement experiences to your customers or members.

The real-time payments gateway is cloud-native and built for scale, and its open APIs and microservices-based architecture mean the sky is the limit for building innovative solutions that can be integrated with your existing systems (Alacriti has pre-built integrations with many core banking solutions and digital banking systems). The platform also offers a host of built-in features for safety, security, speed, convenience, and ease of use to ensure seamless integration of real-time payments into your existing infrastructure and workflows. 

Discover more about real-time payment use cases in our article: “The Sky’s the Limit: How Financial Institutions, Businesses, and Consumers Benefit.”

Alacriti’s centralized payment platform, Orbipay Payments Hub, provides innovation opportunities and the ability to make smart routing decisions at the financial institution to meet their individual needs. Financial institutions can take full ownership of their payments and control their evolution with ACH, Wire, TCH’s RTP® network, Visa Direct, and the FedNow® Service, all on one cloud-based platform. To speak with an Alacriti payments expert, please contact us at (908) 791-2916 or info@alacriti.com.

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Real-Time Payments: Practical Use Cases Driving Growth in Financial Institutions

Real Cases for Real-Time Payments: How Financial Institutions Can Add Value to Attract and Retain Retail and Commercial Account Holders

In today’s rapidly evolving financial landscape, the adoption of real-time payments (RTP) has become increasingly crucial for banks and credit unions. The RTP market size was valued at 17.57 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 35.5% from 2023 to 2030. With the introduction of The Clearing House’s RTP real-time payments network in 2017 and the pending launch of the FedNow® Service by the Federal Reserve, the potential for leveraging real-time payment rails has grown significantly. However, many financial institutions have been hesitant to embrace this transformative technology due to concerns about profitability, customer/member demand, and the difficulty of envisioning its full range of possibilities. This blog post aims to address these challenges and shed light on the compelling use cases for real-time payments that can drive adoption and growth for financial institutions.

Challenges to Adoption

Monetization and profitability have been the primary concerns hindering the widespread adoption of real-time payments. Many financial institutions have been cautious, waiting to see how early adopters fare before fully committing to implementation. The lack of available profitability data and the uncertainty surrounding the choice between different payment networks have further complicated the decision-making process.

Additionally, although consumers have shown a preference for instant payments, they may not actively demand real-time payments since they are often unaware of the underlying technology. Financial institutions must draw out demand by meeting consumer expectations and innovating based on their needs, as failure to do so may leave room for disruptors to step in and capture market share.

There is also significant—perhaps more—demand from businesses for real-time payments which can bring increased efficiency and greater competitive advantage, as well as cost-savings to them. Businesses have been at the forefront of adoption since the early days of the network—but in order to leverage real-time payments, they must have access to a network. 

Real-time Payments Use Cases for Consumers

  • Instant, anytime, anywhere money movement: Real-time payments enable consumers to move money instantly between each other and between their accounts, providing a seamless experience beyond the closed networks of popular apps like Venmo and PayPal.

 

  • 24/7/365 loan funding: Integrating real-time payments with digital loan applications and decisioning workflows allows consumers to apply for loans, receive approval, and disburse funds to a car dealership, for example, even outside of traditional banking hours.

 

  • Getting paid earlier: Real-time payroll is especially valuable for hourly and gig workers, allowing them to access their earnings immediately and alleviate cash flow challenges which low-income wage earners may be more prone to experience.

 

  • Secure large transactions: Real-time payments facilitate secure transactions, such as transferring escrow funds for property purchases, by eliminating delays fraudsters can use to divert and intercept funds, and providing instant verification.

 

  • An easier way to send cross-border payments: Real-time payments can revolutionize the cross-border payment landscape by providing faster and more cost-effective options. Financial institutions can leverage real-time payment networks to streamline the process, reduce fees, and enhance transparency for international transfers, thereby improving the customer experience and attracting businesses engaged in global commerce.

 

Real-time Payments Use Cases for Businesses

  • Getting paid faster: Real-time payments help businesses improve cash flow by receiving funds instantly, while also integrating payment capabilities into workflows to streamline processes. 
  • Ensuring timeliness of deliveries: For cash-on-delivery (COD) vendors, real-time payments can eliminate potential delays caused by payments held up during the delivery process. 

 

  • Providing value-add services: Utility companies, for example, can leverage real-time payments to reduce non-payment disconnects by offering instant payment options during customer interactions, helping customers avoid service disruptions and saving the utility company the cost of sending an employee to shut off service.

 

  • Offering a more secure means of payment: Real-time payments reduce the risk of fraudulent intercepts by allowing businesses to send immediate Request-for-Payment (RfP) notifications to clients.

 

Orbipay Instant Payments Brings the Future to Financial Institutions

Alacriti’s Orbipay Instant Payments brings a modern payments infrastructure to financial institutions, empowering them to harness the power of real-time payments today. The platform provides access to TCH’s RTP® network, FedNow® Service, and Visa Direct payment rails empowering you to deliver modern money movement experiences to your customers or members.

The real-time payments gateway is cloud-native and built for scale, and its open APIs, and microservices-based architecture mean the sky’s the limit for building innovative solutions that can be integrated with your existing systems (Alacriti has pre-built integrations with many core banking solutions and digital banking systems). The platform also offers a host of built-in features for safety, security, speed, convenience, and ease of use to ensure seamless integration of real-time payments into your existing infrastructure and workflows. 

Innovation, Value, Competitive Advantage, and a Better Bottom Line

Real-time payments present significant value and growth opportunities for financial institutions. By embracing this transformative technology, banks and credit unions can meet evolving consumer demands, enhance customer/member experience, drive operational efficiency, and tap into new revenue streams. The compelling use cases for real-time payments span across consumer and business domains, providing benefits such as faster fund transfers, improved cash flow, enhanced security, and expanded international payment capabilities.

Financial institutions that proactively adopt real-time payment solutions and strategically align them with their customers’ needs will gain a competitive edge in the market. It is crucial for organizations to invest in the necessary infrastructure, collaborate with payment networks, and educate both their internal stakeholders and customers about the advantages of real-time payments. By doing so, they can unlock the full potential of real-time payments and position themselves as leaders in the digital payment ecosystem.

Discover the various use cases of real-time payments and how they can benefit financial institutions, businesses, and consumers by increasing value, convenience, and opening new revenue channels in the article: The Sky’s the Limit: Unfolding the Use Cases of Real-time Payments.

Alacriti’s centralized payment platform, Orbipay Payments Hub, provides innovation opportunities and the ability to make smart routing decisions at the financial institution to meet their individual needs. Financial institutions can take full ownership of their payments and control their evolution with ACH, Wire, TCH’s RTP® network, Visa Direct, and the FedNow® Service, all on one cloud-based platform. To speak with an Alacriti payments expert, please contact us at (908) 791-2916 or info@alacriti.com.

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Business Use Cases: The Promise of Real-Time Payments

Though TCH’s RTP network has been available since 2017, the U.S. is a relative neophyte in the global market. Despite having the largest economy in the world, the U.S. doesn’t even fall within the top 10 in terms of monthly transactions.

Real-time payment adoption could be sped up by overcoming some initial challenges that have hampered momentum, including questions about monetization and profitability, demand, and the need for creative use cases for productization.

Real-Time Payments: A Game-Changer for Businesses

One group of stakeholders that have embraced real-time payments above all others is businesses. The most important benefits of instant payments to businesses—especially small to mid-sized ones—include the elimination of crucial cash flow concerns, enhanced reconciliation, and the elimination of chargebacks, as well as enhanced security. In a recent survey of 1,000 business leaders in multiple verticals, 56% said they were planning to adopt real-time payments in 2024. 

Businesses are the segment currently driving the most demand for real-time payments and many are lightyears ahead of other users. Sixty-one percent of businesses believe that real-time payments provide a competitive advantage.

But, in order to leverage real-time payments, businesses need access to real-time payment networks. Financial institutions looking for supporting fodder for business cases related to the implementation of products built on a foundation of real-time payments could easily start with business banking clients.

Benefits for businesses; opportunities for banks and credit unions

Speed

As mentioned earlier, the most obvious advantage for businesses is to get paid faster—but in addition to receiving the funds themselves instantly, real-time payments are being integrated into business workflows to reduce friction and improve efficiency. For example, the network enables businesses to send Requests for Payments (RfPs) electronically, instantly, and securely. It also allows for real-time dialogue between the business and vendors or customers in which corrections can be made real-time—all while making payment capabilities seamless with the flexibility to pay now or later according to the terms set forth.

For COD deliveries, much coordination between the delivery driver and receiver can be simplified by sending an immediate RfP which the recipient can take care of right away, eliminating any potential delivery delays resulting from payments held up “in the ether.”

Efficiency

In addition to speed, enhanced reconciliation capabilities afforded through real-time payments provide the ability to automatically reconcile payments, improving back-office efficiency, reducing processing delays, and making it easier to identify and fix errors.

Also, the simple ability to send an immediate request-for-payment (RfP), can be the catalyst for significant time and cost-savings related to printing and mailing statements at scale, as well as reconciling delayed or analog forms of payment.

Security

The ability for a business’s clients to pay on the spot—or at least receive a RfP—on the spot, reduces the chance that a bad actor can redirect and intercept a payment. In one type of scam, fraudsters targeting property buyers during the closing process will intercept large escrow deposits by sending fraudulent communications directing buyers to deposit funds in a scam account. When the buyers, out of tens of thousands of dollars, show up to closing, they realize only then their funds never made it to the actual escrow account. Now imagine if closing companies were given the ability to send a Request for Payment (RfP) instantaneously while on the phone with a buyer, eliminating any doubt about who’s requesting payment and preventing any time delays that give fraudsters an opportunity to try to intercept funds.

Competitive Advantage

Businesses can also leverage real-time payments to create new streams of revenue. Any time there is an opportunity to meet consumer demand to be paid faster, there is an opportunity for businesses to productize it—and banks and credit unions have an opportunity to monetize the access to real-time payment rails that makes it possible. For example, some insurance companies are using real-time payments to disburse funds to claimants immediately upon approval.

Orbipay Instant Payments Brings the Future to Financial Institutions

The future is now. Alacriti’s Orbipay Instant Payments brings a modern payments infrastructure to financial institutions. The platform provides access to TCH’s RTP® network, FedNowSM Service, and Visa Direct payment rails empowering you to deliver modern money movement experiences to your accountholders.

The real-time payments gateway is cloud-native and built for scale. Its open APIs and microservices-based architecture mean the sky is the limit for building innovative solutions that can be integrated with your existing systems (Alacriti has pre-built integrations with many core banking solutions and digital banking systems). The platform also offers a host of built-in features for safety, security, speed, convenience, and ease of use to ensure seamless integration of real-time payments into your existing infrastructure and workflows.

The exponential growth of real-time payments is at its tipping point. The market is expected to grow at a rate of 33% annually over the next 10 years, with volumes forecast to reach $300 billion by 2032. It’s essential that financial institutions place their stake in the ground now to position themselves as innovators and market leaders.

Essentially, anytime there is a need, or desire, to pay or be paid faster, real-time payments help businesses with speed, convenience, and security—and help create a competitive advantage for attracting and retaining clients.

Read more about use cases in the article: The Sky’s the Limit: How Financial Institutions, Businesses, and Consumers Can Leverage Real-time Payments to Add Value, Convenience, and New Streams of Revenue.

Alacriti’s centralized payment platform, Orbipay Payments Hub, provides innovation opportunities and the ability to make smart routing decisions at the financial institution to meet their individual needs. Financial institutions can take full ownership of their payments and control their evolution with ACH, Wire, TCH’s RTP® network, Visa Direct, and the FedNowSM Service, all on one cloud-based platform. To speak with an Alacriti payments expert, please contact us at (908) 791-2916 or info@alacriti.com.

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5 Cloud Migration Challenges Consulting Services Can Help With

If you’ve made the decision to migrate your IT architecture to the cloud, you’re in good company. In a recent report on cloud adoption, cloud usage among respondents grew to 90% while 48% said they planned to migrate half or more of their apps to the cloud in 2022.  From a security, cost, and efficiency standpoint, migration to the cloud makes a lot of sense. However, it can be a complicated undertaking. Alacriti Consulting can assist with the following: 

1. New Level of Complexity

Moving away from your current infrastructure and taking on new products and services can be nerve-racking. Implementing a strategy, understanding your current business model, and having a partner will help ease the transition to Alacriti’s cloud partner, AWS. Alacriti Consulting can provide you with a clear path to success. 

2. Roadmap and Migration Plan

Before beginning the transformation journey, the firm should develop a roadmap and migration plan that establishes priorities and the steps needed to accomplish them in sequence. The cloud architecture should incorporate backup and redundancy features while addressing security and performance concerns. It should also integrate toolsets and processes to manage the cloud (once implemented) and to make sure anticipated business benefits are realized. With Alacriti Consulting spearheading these efforts with your firm, it will be a smoother transition.

3. Transforming Delivery

A holistic cloud implementation should result in a centralized, fact-based delivery program that incorporates DevOps and automation. A common misconception is that migrating to the AWS Cloud will result in a lot of downtime. Through a robust, tightly controlled approach to governance, companies are positioned to conduct business-as-usual activities in parallel with cloud migration initiatives. A key milestone might include the elimination of data centers, for example. Alacriti Consulting will help you create a phased approach. 

4. Designing a Talent Strategy

A clear benefit of migrating to the cloud is the ability to leverage more modern, innovative solutions to benefit the firm and end-users. Cloud-based financial service companies can access a variety of solutions using Software as a Service (SaaS) models. In most cases, however, they will develop their own software for core functions. This means not only attracting and retaining new types of talent, but giving development teams what they need to innovate and deliver. The challenge of finding talent with the scarce and specialized skills required in a tight market to maintain the cloud post-migration should not be underestimated. Alacriti Consulting can provide a team of AWS Certified Professionals at a more cost-effective price to get your firm migrated and deployed more quickly. 

5. Transforming Your Data 

Your data can be an important competitive differentiator. To position the company for growth and disrupt the market, data should be harnessed and analyzed in real-time and with a high degree of accuracy. Cloud solutions are secure, highly scalable, and offer the fastest path to transforming enterprise data. With the help of Alacriti Consulting powered by AWS, your firm can get there faster in a cost-effective manner. 

For more on moving to the cloud, read Why is AWS a Good Choice for a Cloud Provider? 

Updated from a blog originally published January 5, 2021. 

Alacriti Consulting, an Advanced Consulting Partner of AWS, provides consulting, migration, management services, and security assessments for AWS environments. Whether you need assistance with data migration or to prepare for compliance audits, Alacriti is here to help. For more information please call (908) 791-2916 or email awsconsulting@alacriti.com.

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ISO 20022: Why After Almost 2 Decades it’s More Important than Ever

ISO 20022 is a globally accepted messaging standardization approach (methodology, process, repository) to be used by all financial standards initiatives as a common platform for the development of messages. It was introduced in 2005 by the International Organization for Standardization to help financial institutions streamline their communication infrastructure by using the same language for all financial communications. 

Today, ISO 20022 is used by payment systems in over 70 countries.  It is estimated to be the de facto standard for high-value payment systems of all reserve currencies, supporting 80% of global volumes and 87% of value of all global transitions in the coming years. This common language is now an emerging global and open standard for payments data and is the expected future standard of fintech innovation and competition. ISO 20022 utilizes richer, higher quality data than other standards, driving improved payment outcomes that can easily adapt and are not controlled by a single interest. According to SWIFT, the benefits of ISO 20022 specifically include:

  • Better data – ISO 20022 enables richer, better structured, and more granular data for payments messages
  • Higher quality payments – higher quality data means more transparency and more remittance information for customers, which means better customer service
  • Improved analytics – less manual intervention is required, compliance processes are more accurate, and fraud prevention measures are improved
  • A foundation for end-to-end automation – with a single standard for all business domains and processes, new services are more easily created, and straight-through processing is enhanced
  • Uses modern technology – ISO 20022 uses XML (Extensible Markup Language) technology, which defines rules for encoding documents in a format that’s readable by both humans and machines. This allows for fast and single integration of systems, even if a financial institution is running a legacy platform. 
  • Worldwide adoption – ISO 20022 is already becoming more pervasive, almost 200 market infrastructure initiatives are implementing the standard or are considering adopting it. 

 

What does this mean for the U.S. market?

In 2017, The Clearing House RTP network was the first new central clearing and settlement system introduced that adopted ISO 20022. In addition, The US Federal Reserve Bank has announced that it will also adopt ISO 20022 for its new FedNOW payment rails. Additionally, it will migrate its existing messaging formats to ISO 20022 in the first quarter of 2025. SWIFT has started migrating all cross-border and many-to-many payments onto ISO 20022. So while the U.S. market is somewhat late to the ISO 20022 game, we are rapidly adopting the standard, and financial institutions need to adapt to take advantage of all of the rich data and operational efficiency this standard brings to the market. 

Financial institutions that have recently undergone digital transformation projects will have the advantages of systems that were built around the ISO 20022 standard. Other institutions will have a lot of work to do when it comes to bringing their systems up to speed or overhauling their infrastructure altogether. However, they can mitigate their risks by partnering with the right fintech. Alacriti’s Orbipay Payments Hub employs data and message models based on the ISO 20022 standards. This allows financial institutions to offer real-time payments to their account holders without needing an entire infrastructure overhaul, and helps lay the foundation for a full digital transformation into the next era of payments.

Microservices and open APIs go hand in hand with ISO 20022 to assist in payment modernization. Read more in Microservices and API Architecture: Lesson 1. 

Updated from a blog originally published November 2, 2020.

Alacriti cloud-based platform with open APIs based on ISO 20022 standards, Orbipay, provides solutions for real-time payments, EBPP, and digital disbursements. This provides a flexible integration framework to enable easy integration with internal systems (core banking, fraud, risk management, etc.), and your organization can easily add support for new payment schemes as they become available. To speak with an Alacriti payments expert, please contact us at (908) 791-2916 or info@alacriti.com.

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3 Reasons Why You Need to Offer Pay by Text—Now

A key element in accelerating receivables is to make it as easy and convenient as possible for customers, members, or policyholders to pay their bills. Electronic bill presentment and payment (EBPP) solutions like e-bills and online bill pay is a great start. However, with the prevalence of smartphones, it makes a lot of sense to engage with customers on handheld devices. SMS payments, or pay by text, is one of the easiest and safest ways to pay bills. The user doesn’t have to remember passwords or bank details, they need only text. Here are three reasons why you need to offer pay by text—now.   

Text Messaging is Too Big to Ignore

Just how prevalent is text messaging? Five billion people globally have the capability to send and receive text messages. Consumers spend more time texting than any other activity on their phone (e.g., social media, games, shopping, viewing videos). Eighty-eight percent said texting was the number-one thing they use their phone for. Globally, smartphone usage is increasing. It’s expected that by 2025, it will increase to 77 percent of the global population. Add to that a very high rate of engagement for text messages—98 percent of text messages are opened and 45 percent of people reply to branded text blasts they receive—and it’s clear that text messaging is a channel with too much engagement to ignore.

Text messaging is a method of contact that is growing between businesses and consumers. Seventy-one percent of consumers say using text messaging to communicate with a business was effective. From appointment reminders and marketing promotions to bill-ready alerts and notifications, more and more companies are leveraging text messaging as a direct communication channel with their customers.

Simplifying Bill Payments with Pay by Text

Pay by Text helps businesses leverage the power of SMS text messaging to encourage on-time bill payments from their customers. Here are three key benefits.

Benefit 1: Convenience

Payment convenience means meeting your customer or member where they want to pay with how they want to pay. Research suggests that 91 percent of all U.S. mobile users keep their phones within arm’s reach at all times. With that level of engagement and the huge percentage of Americans owning phones that accept SMS text messages, text messaging might be one of the most convenient channels for customer communication. In fact, SMS has a much higher response rate than email or social media—36 percent compared to 3.4 percent for email and 2 percent for social media. Delivering this level of convenience to the bill payment process can encourage on-time, hassle-free transactions in the messaging apps that customers use most.

Benefit 2: Speed

When a customer enrolls in Pay by Text, they can select the alerts and notifications they want to receive. Once enrolled, the system will check for a payment on the alert date, and if there is no payment, it will send a text to the customer. From there, the customer can simply reply with a text that says PAY to initiate a bill payment from the funding source they established in their account. A confirmation is texted back to the device, and the transaction is complete. Eliminating the need to open a browser or login to a user account means a faster bill payment experience for both businesses and consumers.

Benefit 3: Personalization

Customers sign up for Pay by Text and provide information including their mobile numbers, communication preferences, and payment funding methods to complete the enrollment process. In doing so, a highly personalized experience can be delivered. For example, customers can select how many days in advance they want to receive bill-ready alerts (within the biller’s parameters). Giving customers the ability to select when, where, and how these interactions take place can deliver an experience that’s custom-tailored to their needs and preferences.

Simplifying bill payments is all about delivering a user-friendly experience to the channels that customers use most. The ubiquity of mobile devices and extensive use of text messaging makes Pay by Text a natural way to accept bill payments from customers quickly and conveniently.

What about the “unbanked” or “underbanked”? Read: How Do the Underbanked Pay Their Bills? 

Updated from a blog originally published January 12, 2021.

Alacriti’s Orbipay EBPP is a customizable electronic billing and payments solution for businesses and financial institutions of all sizes. Pay by Text is just one of several Orbipay EBPP features available to help you accelerate receivables. For more information, please contact us at info@alacriti.com. 

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What Are Real-Time Payments?

Real-Time Payments (RTP – not to be confused with The Clearing House’s brand name RTP®) refers to payment rails (platforms or networks via which payments pass through) that share a few characteristics. 

The first is in the name: they are real-time—or very near real-time—initiating, clearing, and settling in a matter of seconds. Real-time payment networks are ideally 24x7x365, meaning they are always online and available for a transfer. As a result, in order to connect to a RTP rail, the bank or credit union’s backend systems will need to be available 24×7. 

“Open-loop” is another important characteristic of RTP—this means the payments are withdrawn directly from an account, rather than relying on a prepaid balance. 

Finally, a data-rich messaging format like ISO 20022 is also necessary. Without this clear and nuanced form of information, it is more difficult to resolve errors, which leads to processing delays. Strong formatting standards also provide greater security to all participants in the network.

Current examples of RTP networks include The RTP® Network from The Clearing House (TCH) in the U.S., UPI in India, Faster Payments in the UK, and PIX in Brazil. The terms “instant payments,” “immediate payments,” and “faster payments” are also sometimes used interchangeably to refer specifically to real-time, or near-real-time, payments rails. 

Real-Time Payments in the U.S.

The RTP® Network from the Clearing House

Launched in 2017, The  RTP® Network was the first of its kind in the United States. It is developed and operated by The Clearing House Payments Company L.L.C. (PayCo), which is privately owned by a group of the world’s largest banks. It currently reaches 75 percent of all U.S. demand deposit accounts held by U.S financial institutions accessible by 61 percent of DDA account holders. Access is available to all federally registered depository institutions, either via a direct connection or a third-party service provider (TPSP). Financial institutions with the resources to make their backend processes compatible with the network can connect directly, but others may need to use a TPSP. Such providers specialize in complex and resource-intensive infrastructural issues like ensuring 24x7x365 processing. As with all specializations, this makes TPSPs more efficient. The current cap for an RTP transaction is $100,000, with lower limits sometimes set by connected institutions.

FedNowSM from the Federal Reserve

The Federal Reserve is on track to launch its own RTP network in 2023. Much of what goes for The Clearing House’s network also applies to FedNow, though FedNow will be operated entirely by Federal Reserve banks. 

The Fed expects the launch of a second domestic RTP rail to drive cost reductions, efficiency improvements, and increased adoption through competition. Given that the service is still in heavy development, specifics are still being worked out. What we do know is that FedNow’s rollout will be phased with the first stages involving support for core capabilities. The Fed is aware that the main obstacle for many financial institutions is 24x7x365 processing, so they are hoping to ease that transition. Concerns have been raised involving interoperability and public-private sector competition, but the Federal Reserve seems to be taking these concerns, as well as other lessons from extant systems into consideration. The current expected value cap for a FedWire payment is $25,000, but the Fed is also considering increasing this limit before release.

Common Questions

Even if you’re fully versed in payments lingo, there are some overlapping terms that it helps to clarify. Although the industry communicates the benefits of RTP to end-users and interest is increasing among consumers, consumer education still has a way to go. The meanings of terms can depend on who’s using them as well as the country they are being used in.

Faster Payments is a blanket term that, in the U.S., refers to an accelerated payment rail. Examples include same-day ACH, real-time payments, Zelle, push-to-card, and others. They are advocated for by the US Faster Payments Council. In the U.K., Faster Payments refers to one of their actual payments networks. 

Is ____ a real-time payment?

Mobile P2P Payments: Not really. Not yet, at least. Apps like Venmo and CashApp offer instant transfers between users—but only as long as money is moved within that app’s system (closed-loop). As soon as a consumer or business wants to access their cash outside of the app, another payment rail will be deployed, typically ACH. Some vendors, however, are eyeing real-time payments as a method of facilitating transfers between eWallets and consumer bank accounts. This won’t make mobile wallets themselves open-loop but would allow for a more seamless connection to an open-loop system, like RTP.

Zelle: Kind of! Operated by Early Warning Services LLC, a company owned by several prominent U.S. banks, Zelle is an independent transfer service linked to many banks and credit unions. It has recently been integrated with The Clearing House’s RTP network, which allows payments sent using Zelle to be delivered by the RTP network. If the payee or payer financial institution is not connected to the RTP network, then it still settles in minutes via Zelle’s own network but is not technically real-time.

Wire Transfer: Kind of. Typically reserved for low-volume, high-value transactions, wire transfers do settle instantly. For this reason, they are referred to as real-time gross settlement, or RTGS, transactions. Despite the similarities, the difference is a practical one: real-time payments are ideal for high-volume transactions, whereas wires are used for high-value transactions. You might use RTP to send money to a family member or pay rent, while wire transfers make more sense for real estate transactions or settling estates.

Same Day ACH: No. While same-day ACH transactions are an improvement over regular ACH transactions, they only shorten the three-day window to one. More importantly, they are batched, so rather than being individually processed like RTP or wire transfers, they are all compiled and settled together at the end of the working day, meaning payments initiated after an institution’s cutoff window won’t be processed until the next business day.

Push-to-Card: Almost. Push-to-card leverages existing card networks but reverses the flow of information so that funds can be sent TO a debit or credit card, rather than from one. Transactions can settle in minutes—which is fast—just not as fast as via RTP.

Check: What? No!

Why Use Real-Time Payments?

There are myriad benefits to using real-time payments across every level of the financial system. The example most familiar to Americans are disbursements from the U.S. government, such as stimulus payments and benefit payments. The ability to send money directly to consumers electronically saves a huge amount of money on printing and mailing and helps eliminate printing errors like misspelled names. Electronic disbursement also speeds time to payment for many who rely on such payments for critical living expenses. 

The good news is that soon we won’t have to think about the “what-ifs”. More institutions are connecting to TCH’s RTP network, and with the arrival of FedNow, real-time payments should very soon be the standard that ushers the U.S. into the next generation of commerce.

Learn more about real-time payments in the webinar, RTP 2.0: Adding Value With Payment Origination & Innovation. 

Updated from a blog originally published January 22, 2021.

Alacriti’s centralized payment platform, Orbipay Payments Hub, provides innovation opportunities and the ability to make smart routing decisions at the financial institution to meet their individual needs. Financial institutions can take full ownership of their payments and control their evolution with ACH, Wire, TCH’s RTP® network, Visa Direct, and the FedNowSM Service, all on one cloud-based platform. To speak with an Alacriti payments expert, please contact us at (908) 791-2916 or info@alacriti.com.

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A Crash Course in Faster Payments

The popularity of faster payments in the U.S. is growing at an accelerated pace. Not only are customers expecting their goods and services on-demand, but they’re also relying on digital, social distancing-friendly solutions to do so. With the use of cash being discouraged, people are looking for alternatives that offer the same speed and finality of payment. Faster payment offerings fill that need. They are designed to significantly expedite the actual movement of funds, with settlement completed anywhere from the same day to a few seconds after the payment is initiated.

“Faster payments” is an umbrella term for different payment systems that various entities have launched in support of quicker on-demand payments. In this blog post, we’ll outline four of the major systems that have evolved in support of faster payments.

Real-Time Payments: RTP® from The Clearing House & FedNow 

First, we’ll tackle the newest payment rail: real-time payments. Real-time payments (RTP—not to be confused with The Clearing House’s brand name RTP®) is a generic industry term for a payment network or “rail” that allows businesses and consumers to send, clear, and settle payments instantly. Globally there are more than 50 real-time payments networks. All differ slightly but have a few common characteristics. 

With real-time payments, funds move from the initiating account to the receiving account in a matter of seconds, requiring 24x7x365 capabilities for both operators and participants. Real-time payments systems also use the data-rich ISO 20022 messaging standard for payments. This allows for much more detailed information on a payment’s source and purpose or why a payment was denied. Real-time payment networks tend to have irrevocable payments and most are based on a “credit push” model. Rather than withdrawing directly from your bank or credit union account, which is known as a “debit pull,” a creditor would send a request for payment or a request to pay, which can then be accepted or denied by the payer. 

In 2017, The Clearing House (TCH) launched its real-time payments system, RTP, the first new central payments infrastructure launched in the U.S. in over 40 years. The infrastructure of RTP is designed with both speed and security in mind, conforming to consumer protection criteria that help prevent fraud and misuse. 

FedNowSM is a competing real-time payment service in development by the Federal Reserve, set to go live in 2023. The Federal Reserve expects the addition of a second network to increase efficiency and reduce costs overall for real-time payments. Two operating networks will also allow for redundancy—users will be able to switch networks if one goes offline. Without a clear outline for interoperability, however, efficiency gains and cost savings will remain to be seen once FedNow goes live. 

The expansion of real-time payment allows the U.S. to catch up to other countries, including the U.K., South Africa, and Brazil, that already have 24/7 RTP systems in place. TCH’s system supports funds transfers, payment requests, and two-way communication between parties. The infrastructure is built to help facilitate financial transactions between businesses and consumers, including bill payments, insurance claim payouts, and invoicing. RTP is open to all U.S. financial institutions, and as of 2020 is on its way to becoming an industry mainstay. 

Some financial institutions are taking a wait-and-see approach to RTP integration, citing a lack of client demand and difficulty upgrading to a 24×7 operating model. Alacriti recently partnered with The Clearing House in an American Banker webinar where TCH presented the data behind the rapid growth of RTP. It’s not hard to see why. A rideshare driver could be compensated by the end of every ride instead of having to wait for a specified payday during the week and business owners could receive payment the moment an order is made and immediately direct that money towards additional working capital needs, for example. 

Other “Faster Payments” Networks

Zelle®

Zelle® is a faster payments network from Early Warning Services that allows users to send money to one another by simply using an email address or a phone number linked to an account. Zelle is accessible from participating banks’ websites, the Zelle app, and other mobile apps.

Zelle was built to facilitate person-to-person payments without the need to physically exchange cash or write a check. Today, over 1,000 financial institutions are connected through Zelle. The availability of funds through Zelle is near-immediate, though the system actually clears and settles the funds leveraging older central rails that are not technically real-time. Zelle has seen solid growth prioritizing low-value transfers—value limits are set by each participating financial institution, generally between $5,000 and $20,000 a month with smaller daily limits.

The Card Networks: Mastercard Send® and Visa Direct

Two well-known payment card brands—Mastercard and Visa—are staking their claim in faster payments as well. These established brands operate tried and true payment rails that have moved money via credit and debit card transactions for over 60 years. They are now leveraging their existing networks to join in the faster payments revolution.

Traditionally, debit cards have facilitated “pull” transactions, meaning that the merchant accepting the card for payment was “pulling” funds from the underlying customer. Visa Direct and Mastercard Send® are now flipping the sequence and using debit card accounts to push funds from businesses or merchants directly to consumers’ accounts. This can facilitate everything from government benefit payouts and insurance claim payments to wages earned by contract workers in the gig economy. Given the ubiquity of Mastercard and Visa cards around the world, it also opens the possibility for fast, frictionless cross-border payments.

Nacha: Same Day ACH

The Automated Clearing House (ACH) Network is one of the largest payment systems in the world and has a 40+ year history of moving money between financial institutions. ACH is the backbone of many financial transactions that people have come to depend upon, from electronic mortgage payments to direct deposit of payroll and payment of government benefits.

Historically, payments made via the ACH network took one to three business days to settle. In 2015, an amendment to the National Automated Clearing House Association’s (Nacha) Operating Rules was announced to speed up the settlement of payments made via the ACH Network. This amendment, known as Same Day ACH, was designed to enable the same-day movement of money for almost any ACH transaction.

The Bottom Line: The payments market is entering a tipping point as the desire for faster payments continues to drive significant innovation in payment networks. This has resulted in the evolution of established networks (ACH, Mastercard, Visa) as well as the development of new ones (RTP and FedNow). As faster payments continue to generate new consumer interest and demand, financial institutions and businesses can capitalize on this by partnering with the right fintech to help execute their digital transformation strategy.

To help prepare your financial institution for real-time payments, please download Guide: Preparing for Real-Time Payments. 

Updated from a blog originally published January 4, 2021.

Alacriti’s centralized payment platform, Orbipay Payments Hub, provides innovation opportunities and the ability to make smart routing decisions at the financial institution to meet their individual needs. Financial institutions can take full ownership of their payments and control their evolution with ACH, Wire, TCH’s RTP® network, Visa Direct, and the FedNowSM Service, all on one cloud-based platform. To speak with an Alacriti payments expert, please contact us at (908) 791-2916 or info@alacriti.com.

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How Do the Underbanked Pay Their Bills?

Not so long ago, banking relationships were a staple of American life. Local banks and credit unions were a critical component of local communities, where tellers and customers or members often knew one another by name. Banks and credit unions fueled the American Dream by helping fund everything from new homes and automobiles to college tuition and vacation funds. These high-touch relationships were an integral part of the American economy and something that citizens relied upon for their financial wellbeing.

With the deregulation of the banking system and the digitization of everything from cash withdrawals to check deposits, banking relationships are not what they once were. Customers and members can get away with rarely setting foot inside a brick-and-mortar location. They may seldom if ever, interact with the employees at physical locations. And there are many Americans who cannot afford the cost of traditional banking at all. These people are often referred to as the “unbanked” or “underbanked.”

The numbers

The FDIC publishes a biennial report that explores the reality of people who are unbanked. Here are some key findings from the most recent study from 2019.

  • 5.4 percent of US households were unbanked in 2019, meaning that no household members had a savings or checking account—this represents approximately 7.1 million U.S. households.
  • The FDIC did not report on underbanked Americans in its latest survey; however, according to one estimate, approximately 24 percent of Americans remain underbanked, meaning while they own a checking or savings account, they seek alternative financial services (AFS) from non-traditional providers. 
  • Examples of AFS include money orders, check cashing, international remittances, payday loans, refund anticipation loans, rent-to-own services, pawn shop loans, or auto title loans.
  • The “fully-banked” rate was 94.6 percent, meaning the household had a bank account and did not use AFS in the past 12 months—the highest rate since the FDIC began the study in 2009.

Why choose AFS over traditional checking and savings accounts?

Choosing AFS can be attributed to many factors, the most pressing being the minimum balances associated with traditional banking accounts. According to the FDIC survey, not having enough money to meet minimum balance requirements was the most often cited reason (48.9%) for not having a primary checking or savings account. Many financial institutions require high minimum balances to get the most basic services for free or at a low cost. If account holders are being charged for basic services, these deductions can add up quickly and leave them with less money in their accounts than they might expect.

Over 34 percent of respondents cited high account fees as a deterrent. The fees associated with bounced checks and overdraft protection can be of particular concern. If a banking customer does not have sufficient funds to cover a check, they may be slammed with an average overdraft fee of $34. The Consumer Financial Protection Bureau (CFPB) reported in 2019 that US customers paid fees totaling $15.5 billion for bounced checks or overdrafts. For many customers, these fees and the uncertainty that comes with them are simply too much for their budgets to handle. It’s no wonder then, that digital banks have started a no-overdraft trend, resulting in many of the largest banks lowering or abandoning these charges.

How do the unbanked and underbanked pay their bills?

Fully-banked customers can pay their bills simply by dropping a check in the mail or using their bank account information for ACH transactions. It’s not that easy for the unbanked and underbanked. There are more hoops to jump through to pay minimums or balances on time. Here are some popular ways that the unbanked and underbanked can pay their bills in the absence of traditional banking relationships.

Option 1: Prepaid debit cards

Prepaid debit cards give customers the option to make card payments without traditional bank accounts or credit cards. They simply buy the prepaid card, load money onto it, pay the associated fees, and use it like a traditional debit or credit card. It provides the user experience of a traditional credit or debit card—including the ability to make payments online—without maintaining an underlying account.

Option 2: Cash

Despite the growing buzz around the demise of cash, cash remains a go-to method for the unbanked and underbanked to pay their bills. This is where walk-in services and kiosks can be invaluable for businesses with customers that require a cash option to pay their bills.

Option 3: Check cashing

Check cashers do just that—they deposit endorsed checks into their business bank account in return for immediate cash to the customer, less a transaction fee. They can also provide other financial services including bill payments, money transfers, and money orders. Thanks to the highly transparent fee structure for these services, in addition to the immediate receipt of money, check cashing can be a viable alternative for people without traditional bank accounts.

Not every American has or wants, a traditional banking relationship. That’s why it’s important to offer a variety of payment methods (including cash and prepaid debit cards) and payment channels (including walk-in and kiosk options for cash transactions) that serve the diverse needs of all consumers.

Convenience and flexibility around the payment channels you offer are an important part of your customer experience. Learn more in Offering More Payment Channels Improves the Customer Experience. 

Updated from a blog originally published March 19, 2018. 

Today’s legacy and siloed banking technology infrastructure limit financial institutions’ ability to rapidly innovate. It’s time to look at money movement in a new way. Alacriti’s Orbipay Unified Money Movement Services does just that. Whether it’s real-time payments, digital disbursements, or bill pay, our cloud-based platform enables banks and credit unions to quickly and seamlessly deliver modern digital payments and money movement experiences. To speak to an Alacriti payments expert, please call us at (908) 791-2916 or email info@alacriti.com.

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Accepting Online Donations: 4 Things to Know

Americans donated a record $471.4 billion to charities in 2020—and $3.2 billion of that came from online donations, representing 13 percent of total giving—up 20.7 percent from the previous year and the largest percentage of online giving ever. And, it’s estimated that 28 percent of all digital donations were made using a mobile device in 2021. It makes sense that as smartphone use continues to climb, the popularity and convenience of online giving platforms like GoFundMe® will continue to drive an increase in mobile donations. 

While the bulk of these donations is still made in non-digital environments, these numbers show that online capabilities are imperative to support the changing expectations of donors. And accepting online donations doesn’t need to be difficult. In fact, it can be a natural extension of solutions that organizations already have in place. Here are four things to know about accepting online donations.  

  1. Donors want the option to make donations using credit cards and debit cards, including via Apple Pay and Google Pay

As demand for online and mobile gift-giving increases, it’s only natural that demand for charitable donations using credit cards will also increase. Supporting a wide array of online payment methods gives donors more choice and flexibility when making donations, increasing the likelihood that they’ll contribute. In addition, an online donation solution can also record in-person gifts made by cash and personal checks, giving an organization a top-down view of contributions across all payment methods.

  1. One-time givers can be transformed into ongoing sustainers, increasing donor lifetime value

One-time contributions are valuable in their own right but turning one-time gifts into sustained income can create a long-lasting positive impact for years to come. An online donation solution should support both scenarios, allowing donors to make quick and easy one-time payments or establish an ongoing series of recurring payments.

  1. Online donation experiences should translate seamlessly to mobile devices

As mentioned above, mobile devices are a rising force in online donations. It’s important that online donation experiences translate seamlessly to mobile devices by using a solution that’s built with responsive web design (RWD). In addition, a progressive web app format provides the convenience of an app UI experience on mobile devices using browser technology. This is significant as it’s possible to provide a better experience without having to download an app. 

  1. Accepting online donations can be integrated into an existing solution

Payment aggregators might seem like the quickest and easiest way to begin accepting online donations. However, leveraging these solutions often requires a separate login from donors that removes them from an organization’s branded experience. As a result, donors may find the user experience disjointed and frustrating, creating extra obstacles to completing their online donations.

Accepting online donations may be easily accessible through a solution that’s already in place. For example, an electronic bill presentment and payment (EBPP) solution may also support online donation acceptance. This means that online donations can be supported without hassle, allowing an organization to begin accepting charitable contributions quickly and easily, without having to implement, manage and support a new solution.

For organizations that rely on donations for operating, increased demand for online donations cannot be ignored. Delivering an online payment experience to donors that’s quick and seamless can help lower barriers to giving, benefitting all parties involved.  

Find out more about EBPP in The Hitchhiker’s Guide to EBPP. 

Updated from a blog originally published October 31, 2018.

Today’s legacy and siloed banking technology infrastructure limit financial institutions’ ability to rapidly innovate. It’s time to look at money movement in a new way. Alacriti’s Orbipay Unified Money Movement Services does just that. Whether it’s real-time payments, digital disbursements, or bill pay, our cloud-based platform enables banks and credit unions to quickly and seamlessly deliver modern digital payments and money movement experiences. To speak to an Alacriti payments expert, please call us at (908) 791-2916 or email info@alacriti.com.

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Alacriti Insurance Series Part II: How AI Can Help Your CX

Call centers across all industries have been struggling to remain fully staffed in the aftermath of the pandemic as well as through “The Great Resignation” and insurance call centers are disproportionally affected. Faced with higher-than-normal call volumes, whether from additional healthcare claims due to COVID-19, life insurance claims, or business interruption claims, more policyholders need to be able to talk to someone right away. Also, consider that people who are having financial struggles may be thinking of canceling their policies, so now is the time to create a valuable experience and provide flexibility. 

For health insurance especially, the customer experience is now even more important. Before the Affordable Care Act, companies didn’t have much interaction with customers. ACA caused an influx of those who would have remained uninsured to apply for coverage. 

In the wake of COVID-19-induced layoffs or voluntary resignations, those who used to have insurance through their employer will leverage COBRA, which is for a limited amount of time, which in itself can cause a high volume of questions and inquiries. It is estimated that 28 million, or just under 9 percent, of Americans, now don’t have health insurance. A chatbot can help with the influx of customer service requests and receiving payments in whatever method is necessary and convenient for prospective policyholders. And, if desired, a chatbot can help with enrollment. 

An easy way to lessen the burden of call volume is to implement an AI chatbot on your website. Rather than have staff accept bill payments and answer common questions, conversational AI can allow customers to perform basic tasks via self-service using natural voice commands. Your chatbot can go beyond bill pay to answer commonly asked questions to address queries and resolve issues. With direct website integration, customers don’t have to be redirected to a new site to access the chatbot. Opening up additional self-service capabilities also offers an extension of your customer service hours to 24/7/365. Rather than your staff receiving a large volume of overnight requests each morning, a chatbot can handle issues even while they’re off. 

Jose was laid off from his job but luckily found something he can start within two months. Fortunately, his homeowner’s insurance company offered an option to extend his premium deadline by paying a fraction of the payment. Instead of having to wait until normal business hours, he was able to talk to his insurance company’s chatbot to access the extension.

Reducing call volume not only greatly increases operational efficiency—you can do more with less staff—it also delivers a great experience for the customer. Shorter hold times will be appreciated but a chatbot will also transform how you engage with your customers. Your customers can now communicate with you from channels they already use and enjoy, such as Facebook Messenger, Amazon Alexa, and Google Assistant. 

If you’re not already considering leveraging technology to improve your customer experience, consider that the insurance industry has been steadily investing in technology. A jump in spending in 2019 was cooled during the pandemic and then immediately increased in 2021, jumping four percent, year-over-year with another increase of just under 10 percent expected for 2022. Companies that want to remain competitive, will need to consider average industry spending.

Alacriti created Ella, an AI-powered chatbot that facilitates seamless, personalized, and context-aware interactions between you and your customers through messaging apps, intelligent personal assistants, and directly on your website. 

To find out how Ella can transform how you engage with your customers contact us at (908) 791-2916 or info@alacriti.com.

Updated from a blog originally published September 1, 2020.

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Alacriti Insurance Series Part I: Accelerate Payment Receivables

The case for a modern payment experience for insurance was made long before the pandemic; however, since then, consumer demands for more convenient payment options have accelerated. Now, it’s more necessary than ever before to partner with a modern fintech that allows more flexibility with payments, boosts retention, and reduces costs.

At the height of the pandemic, many states directed insurance companies to suspend cancellations for non-payment, prompting insurance companies to find ways to accelerate receivables by providing a better payment experience. 

After suffering through layoffs and higher-than-usual unemployment during the pandemic, the nation is now trying to find its footing again through “The Great Resignation.” Whatever the reason for remaining unemployed—whether involuntarily or by choice—many consumers are faced with reprioritizing payment responsibilities, and when homeowners are financially stretched, homeowner’s insurance can be an unfortunate casualty. 

Unemployment can also have a negative impact on consumer wallets vis-a-vis health insurance payments through COBRA, which is significantly more expensive than purchasing through an employer. It’s important for policyholders to have visibility into their billing information through a comprehensive policyholder portal as well as the ability to receive payment reminders via email or SMS text messaging. Late premium payments can lead to lapses in health insurance and even higher rates for policyholders.

You may think that you already offer payment flexibility with IVR and web payments; however, adding text and voice payment options make it even easier for policyholders to pay. Being able to pay a premium by text is amazingly simple and convenient. The ability to simply talk to Amazon’s Alexa or Google Assistant to pay bills is also another level of convenience.

Jennifer has had to work from home for quite some time. She used to pay bills on her phone while she was on her lunch break, but now a ‘lunch break’ is no longer a concept that exists. She keeps forgetting to pay her insurance premium, but then remembered that the company is integrated with Amazon Alexa. While preparing a meal for her children, she speaks to her Alexa on her Amazon Echo and finally gets the bill paid.

It has been said that the easiest bill to pay gets paid first. Offering better payment channels like pay-by-text, payment methods like credit card payments and payment options like Guest Pay and Apple Pay can be the difference between getting a payment on time or not.

Sam has been laid off from his job. His sister asks if there is anything she can do during this difficult time. He mentions that he needs help with his insurance premium. To ease the burden, she uses the Guest Pay option for his insurance company, allowing her to pay the bill without having to have his username, password, and access to all of his account information.

Insurance companies may also be experiencing an increase in credit card payments. Those in economic hardship will often need to float their costs rather than pay with cash via ACH payment. Alacriti helps insurance companies with this issue by routing payments in the least expensive way possible, saving them costly interchange fees. 

The insurance industry is unique in that the opportunity to impress policyholders is primarily during the sales and onboarding process. This heightens the importance of the digital experience, making it so user-friendly bill payment solutions have a direct impact on policyholder satisfaction and retention. Lacking new and innovative ways to accept payments can negatively impact your receivables. The incentive for insurance providers to offer a better solution is more significant than ever before, and the time is now to make a positive change. 

Alacriti offers the most customizable billing and payments solution, Orbipay EBPP, for insurers. The solution provides easy access to the payment channels (mobile, Facebook Messenger, intelligent assistants), payment methods (ACH, credit cards, debit cards), and payment options (one-time, recurring, autopay, payment plans, and balance reload) that today’s customer demands. 

To find out how your organization can deliver a better customer experience, accelerate cash flow while reducing costs, and streamlining operations, contact us at (908) 791-2916 or info@alacriti.com.

Updated from a blog originally published August 19, 2020.

Alacriti Blog

Increasing Autopay Adoption and the Remarkable Results of Repetition

Autopay offers tangible business benefits that include improving the number of reliable on-time payments, decreasing costs associated with checks and other customer service-supported payments, and boosting customer satisfaction. But after the pool of early adopters is exhausted, what can billers do to increase autopay adoption rates?  

The Marketing Rule of Seven is a powerful principle that is often overlooked. Based on the simple idea of repetition, the Rule of Seven stipulates that to elicit the desired action, such as promoting autopay enrollment, people must be reached and positively impacted at least seven times in a variety of ways. 

Why Repetition Matters

Repetition is important in promoting autopay enrollment because most people don’t take action the first few times they’re exposed to your company’s enrollment efforts. The reasons for inaction are many:

  • They’re busy. Customers are not sitting around waiting for you. They’re busy living their lives with countless responsibilities and to-dos on their plates. 
  • They’re not all that familiar with your business or autopay functionality. Repetition builds brand recognition and awareness, which in turn builds trust and credibility. It also builds an understanding of how customers can benefit from autopay. New customers become familiar with your company and messages over time. Through repeated exposure, they begin validating your company’s legitimacy and are more willing to establish a deeper relationship, including enrolling for autopay.
  • They are bombarded with noise and countless distractions. Competition for consumers’ time and attention is immense. In a noisy environment, you need to repeat your message in the hopes you can cut through the marketing clutter. Even when you gain interest — and even when customers decide they are ready — distractions can cause them to delay action and forget about enrolling.
  • They can’t or won’t make a decision. Some people need more time than others to decide whether to act or not and sometimes they even need someone else’s approval. Others simply procrastinate over decision-making in general. Time is not on your side; the more the clock ticks after an individual’s autopay enrollment touch takes place, the less likely it will result in getting a customer to sign up.
  • It’s just bad timing. Even when you actively target customers for autopay, chances are they may not be ready to enroll. Perhaps your message hasn’t sunk in because a customer is experiencing financial uncertainty, about to change jobs, or in the middle of a family crisis. Countless reasons can stall enrollment. The timing of your enrollment offers can be off. If customers see your message only once, they may not remember when they are ready to act. To stay top of mind, you need to keep your company and enrollment messages visible. Out of sight is definitely out of mind.
  • They’ve lost your enrollment offer. While the marketing materials you create are important to you and your business, they are less important to your customers, even when asked for. Count on customers losing, misplacing, or discarding the enrollment information you provide. Repetition puts your materials and message at their fingertips over and over again.

How to Make it Work

Create a campaign that maps out the who, what, where, when, and how related to marketing communications.

  • Identify who you plan to communicate with (identify customers not already enrolled).
  • Specify what information and messages you want to communicate (the autopay value).
  • Choose where you will be communicating (via Internet, email, phone, mail, in-person, etc.).
  • Determine the frequency of your communications — the when.
  • Pick the tactics you will employ to get the word out — the how (email blasts, website banner ads, statement messaging and inserts, envelope messaging, Interactive Voice Response (IVR) messaging, letters, postcards, social media, call and text campaigns, plus customer offers, prizes, incentives, sweepstakes and rewards, employee contests, and more). 

Once your campaign strategy is solid, begin executing and be persistent in your efforts. Remember, most customers don’t take action the first few times they’re exposed to your company’s message. Repetition ensures that the autopay enrollment information you’re trying to convey imprints on your customers’ minds.

Don’t rely on just one type of method, even if you are getting stellar results. Using a variety of mediums in an integrated, multichannel approach increases the likelihood of catching your customers’ attention.  Put the Rule of Seven to work and enjoy the benefits of increased autopay enrollment.

Read more about billing in Paper or Electronic Billing: What’s Your Preference?

Updated from a blog originally published February 13, 2020.

Today’s legacy and siloed banking technology infrastructure limit financial institutions’ ability to rapidly innovate. It’s time to look at money movement in a new way. Alacriti’s Orbipay Unified Money Movement Services does just that. Whether it’s real-time payments, digital disbursements, or bill pay, our cloud-based platform enables banks and credit unions to quickly and seamlessly deliver modern digital payments and money movement experiences. To speak to an Alacriti payments expert, please call us at (908) 791-2916 or email info@alacriti.com.

Alacriti Blog

Faster Payments: Are You Ready?

As if demand for 24/7/365 convenience wasn’t already climbing fast enough, the global pandemic sent it into outer space. Americans are demanding more ways they can safely and securely pay anyone, anywhere, at any time, and with near-immediate funds availability over archaic and slow batch processes. As a result, the U.S. Faster Payments Council (FPC) and its members are working to advance the faster payments ecosystem, driving the emerging faster payments infrastructure toward ubiquity, fostering a high-quality and secure user experience for all, and supporting the widespread use of faster payments. 

FPC members use private-sector approaches to address issues that inhibit the adoption of faster payments and enable end-users to reach each other in ways as seamless and transparent as mobile texting. As a result, payments are evolving quickly to reduce friction and leverage speed. Currently, more than 60 percent of the over 5,000 U.S. banks are already connected to the RTP® network. 

As the race toward more widespread RTP availability continues, more and bigger players are entering the fray, including some established and some new ones, such as Zelle®, Venmo, Visa Direct, MasterCard, the Federal Reserve’s FedNow (expected in 2023), The Clearing House’s RTP network and NACHA Same Day ACH.

Benefits Beyond Speed

While instant, 24/7 availability of payments made possible by faster payments initiatives is a huge benefit in terms of managing cash flow, the ultimate advantage may lie in the power of unlocking transactional information. Coupling payment details with transactional data reveals insights to create operational efficiencies, enhance customer engagement and satisfaction, improve data transparency and accuracy, monitor fraud, manage risk, and streamline reconciliation processes. 

Bill payments have been identified as one of four use cases that could benefit the most from faster payments. What does this mean for you and your business? Companies offering their customers the payment technologies, such as RfP, that employ faster payments are poised to greatly benefit. 

To offer a truly modern payment experience, make sure you offer a wide variety of payment channels and methods. Consider implementing mobile, web, SMS, chatbot, and e-invoicing channels to enhance how you reach customers or members digitally to request payments and entice them to pay faster. Also, ramp up payment acceptance options to include faster payment services like credit, debit, same-day ACH, RTP, and more so that they are more likely to pay when you send requests. 

Your business stands to benefit greatly by taking advantage of faster payments. Make sure you’re implementing the latest and greatest payment channels and methods to reap the advantages.  

Read more about how faster payments can benefit billers in 5 Request for Pay (RfP) Use Cases for Billers.

Updated from a blog originally published April 2, 2020.

Alacriti’s centralized payment platform, Cosmos, provides innovation opportunities and the ability to make smart routing decisions at the financial institution to meet their individual needs. Financial institutions can take full ownership of their payments and control their evolution with ACH, Wire, TCH RTP® network, Visa Direct, and the FedNowSM Service, all on one cloud-based platform. To speak with an Alacriti payments expert, please contact us at (908) 791-2916 or info@alacriti.com. 

Alacriti Blog

2021 Year in Review: Real-Time Payments, Crypto and BNPL

*Originally published on CUInsight.com

The billing and payments landscape continues to undergo rapid change. Over the course of 2021, our blog strived to keep clients updated on the latest industry developments and offer our views on future trends. As we close another unconventional year, we’ll revisit a couple of developments we touched on earlier in the year, including real-time payments (RTP) and Buy Now, Pay Later (BNPL), as well as provide a look ahead at cryptocurrency and how its increased adoption may impact the billing ecosystem.

  1. Real-Time Payments and Request for Payment Availability Continues to Expand

We’ve all been following developments in payments modernization—headlined by increased adoption of real-time payments (RTP) by both financial institutions and businesses—as well as it’s spin-off Request for Payment (RfP).

While RTP availability has steadily increased since its rollout by The Clearing House (TCH) in 2017, the global pandemic has heightened calls for payments modernization headlined by RTP and faster payments. The burgeoning gig economy has also presented a favorable environment in which to grow RTP.

According to a recent report, “the RTP network’s real-time payment capabilities are accessible to financial institutions that hold 73 percent of U.S. demand deposit accounts (DDAs), and the network currently reaches 60 percent of U.S. DDAs.”

Meanwhile, the Federal Reserve is still forging ahead with its own real-time payments service, FedNowSM, set to launch in 2023.

As a natural complement to RTP, TCH’s Request for Payment (RfP), is also gaining in popularity as businesses realize the benefits of pushing requests for payments to be delivered in real-time, including higher straight-through processing levels, guaranteed “good funds,” simpler reconciliation, faster time to payment and reduced operational costs.

  1. Buy Now, Pay Later (BNPL) Continues to Gather Steam

Buy Now, Pay Later (BNPL) is a fairly recent and increasingly popular payment option among consumers exhibiting pent-up purchase demand. BNPL gives purchasers the option to pay for their purchases in multiple, interest-free installments. Essentially, it’s a new and improved instant credit option. 

Instant store credit options of the past also often offered interest-free purchasing for a set period of time, but missed or late payments or failing to pay off a purchase within the interest-free period triggered sometimes astronomical interest rates (and sometimes back-interest). BNPL offers all the rewards of interest-free purchasing without the cloud of high-interest and penalties hanging over consumers’ heads. 

The benefits to consumers are obvious, but what about the benefits to businesses offering BNPL? Mainly, a BNPL option can be the deciding factor in a consumer’s ultimate decision to buy and can take the sting out of sticker shock associated with higher-priced items. But regardless of the size of the purchase, BNPL can offer businesses a competitive edge to gain more market share in these uncertain and uncharted economic times. And financial institutions can leverage BNPL as a competitive differentiator by partnering with BNPL vendors to offer BNPL payment options of choice to consumers linked directly to their DDA accounts. 

  1. Crypto Achieves Sharp Adoption Curve

We discussed cryptocurrency briefly mid-year, but it’s worth taking another look as its adoption is steadily increasing. With the global pandemic exacerbating an already rapidly accelerating drive toward digital-everything, increasing interest by average Americans into crypto is the next natural extension. 

One recent study found that “48 percent of investors in the country bought such alternative currencies in the first half of 2021. Younger consumers especially are growing increasingly intrigued by digital currencies. The report found 37 percent of investors 18 to 44 years old who have not yet bought digital currencies are either “very” or “somewhat” interested in doing so.”

What might this mean for merchants and billers? It means that as interest and investment in crypto increases, merchants and other billers will need to consider accepting crypto forms of payment—and payment processors will need to consider building infrastructure to support such payments—in order to gain or retain a competitive edge. 

Crypto is in its infancy as an emerging payment type and its volatility calls into question its mass appeal, but merchants, financial institutions and other businesses should watch trends around crypto closely to be future-ready.

Now that you’ve reviewed trends from 2021, watch the webinar, Top Payment Trends to Watch in 2022. 

Alacriti’s Cosmos for RTP® enables financial institutions and organizations to quickly and seamlessly connect to The Clearing House’s RTP® network without the burden of significant infrastructure overhauls or capital investments. To speak with an Alacriti real-time payments expert about RfP, please contact us at (908) 791-2916 or info@alacriti.com.

Alacriti Blog

Mobile Payments: What Will It Take to Convince Consumers?

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As if mobile payments at the point-of-sale weren’t already becoming more commonplace for merchants and consumers, the pandemic only exacerbated adoption even further. As the technology becomes more ubiquitous, the lion’s share of mobile payments in the U.S. is being conducted via four platforms—Apple Pay, Google Pay, Samsung Pay, and the Starbucks app.

While the Starbucks app once dominated the mobile payments space, in 2019, it was finally overtaken by Apple Pay with 27.7 million in the U.S using the payment platform that year, according to eMarketer. However, the Starbucks mobile app remains a formidable force, with 25.2 million users accounting for 39.4 percent of mobile payment app users. Google Pay and Samsung Pay come in third and fourth, with 12.1 and 10.8 million users, respectively. 

While mobile payments adoption has been slower in the U.S. than in many international markets, it is increasing. With the onset of the global pandemic, adoption has grown and is expected to continue to increase. According to Mercator, 39 percent of consumers reported making a purchase via a mobile phone (either online or in-store) in 2020, an increase of 5 percent over the previous year. What will it take to accelerate mobile payment adoption by convincing U.S. consumers to change their payment habits and embrace the benefits?

Accessibility

For many consumers, mobile payments are still an abstract concept. There are also key demographics that might be uncomfortable using the technology. Widespread adoption of new payment methods often takes time, as seen previously with the transition from cash to card-based payments.

In order to convince these consumers to adopt a new payment method, digital wallet providers need to emphasize convenience and accessibility. From sign-up to daily use, everything about the app’s design must be seamless and intuitive. Any amount of friction in the user experience can mean the difference between a consumer quickly integrating the technology into his or her daily life and one who never opens the app again.

Merchant Acceptance

Late adopters are out there, but for millions of other consumers who embrace the benefits of mobile payments, accessibility is not the issue. Despite their enthusiasm, they may be discouraged from using mobile payments due to a lack of merchant acceptance. Until merchant acceptance is as ubiquitous as credit cards and debit cards, mass adoption of mobile payment platforms will likely remain an uphill battle.

Consumers shouldn’t have to wonder whether their mobile payment platform of choice is accepted by the retailers and service providers they frequent most often. Businesses can display signage that helps take the guesswork out of whether a certain mobile payment type is accepted.

Merchants can also encourage adoption by offering customers enhanced rewards. Part of the Starbucks app’s success may be due in part to the seamless integration between its rewards program and mobile payment technology. Integrating these features (plus mobile ordering) into a single, sleek, and comprehensive app allows customers to place orders, make payments, manage their accounts, and collect rewards from the convenience of their mobile devices.

Disruption

Mobile payments took off in India after the central government announced the sudden nullification of large-denomination Rupee notes. This announcement left millions who were previously dependent on cash transactions panicking to find a secure and legitimate way to pay for goods and services. Without a similarly disruptive force giving consumers a real reason to change their payment habits in the U.S., adoption is expected to remain slow. However, the fast rise of mobile payments in other parts of the world could convince U.S. consumers to embrace the trend as well.

The Bottom Line: Mobile payments can be faster, more convenient, and more secure than traditional payment methods. Convincing consumers to overcome the hurdles that challenge widespread adoption will require creative thinking from mobile payment providers and merchants alike. Enhancing accessibility, broadening merchant acceptance, and embracing disruption are just three factors that can help encourage a permanent shift in consumer behavior.

*This is an update on an original post published July 2019

Alacriti Blog

Paperless Billing: Why Make the Switch?

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It’s undeniable that technology has impacted every aspect of our lives, but that doesn’t mean traditional ways of doing business have been eliminated completely. For example, paper billing remains a critical touchpoint in many business-to-consumer relationships, even though electronic billing is second nature to countless consumers.

Paper statements do provide benefits, including tangible payment reminders, easy record keeping, and a natural touchpoint for customer communication. But electronic billing can deliver those benefits and more. Here are four reasons why businesses should continue encouraging their customers toward electronic bill presentment.

  1. Enhanced Security

Paper bill statements require businesses to print and mail account information to customers. That printed information makes its rounds through several people and departments before arriving in the hands of the correct customer. These lengthy, manual processes can give rise to human error as paper statements are easily lost and can potentially end up in the wrong hands.

Electronic bill presentment allows businesses to communicate personal information directly to customers, reducing the risk of lost statements and mail fraud. Going paperless also makes it easier to maintain consistency because it ensures that statements are sent at the same time each month without relying on a third party. In addition, accessing historical statements through a username and password provides another layer of security to help keep customers’ account information safe.

  1. A Reduced Carbon Footprint

Paper waste is a growing problem for offices across the country and accounts for 26% of the total waste in landfills. Switching from paper to electronic statements can help businesses take a step toward greater environmental sustainability. And for customers, electronic statements can help reduce unwanted clutter and paper waste.

  1. Reduced Costs

Electronic bill statements can save businesses time, money, and other resources. It often requires a whole staff to fulfill paper bill statements month after month. Workflows could span weeks, with little time for other tasks between billing cycles. For some businesses, especially large ones with heavy billing operations, paperless billing can help significantly reduce operational costs.

Aside from the paper itself, traditional statements require a constant supply of printing materials, postage, and manual labor. Paper statements also require business arrangements and regular correspondence with postal or shipping services. In contrast, e-billing can help businesses cut back on recurring expenses and improve the bottom line.

  1. Accelerated Operations and Payments

Sending paper statements in the mail is a significant administrative function that requires many dedicated hours each month. Paper statements require printing, fulfillment, and postage for every recipient. On the other hand, paperless billing streamlines the process and gives employees more time to focus on strategic tasks.

Much is left up to the customer when paper statements are sent in the mail. Weeks could go by before the customer ever opens the bill, leaving a long period between a business’s request for payment and receipt of funds. Because email is instant and a regular part of most customers’ daily lives, an electronic statement is likely to be viewed sooner. Customers may also make payments sooner, especially if they are given a variety of payment options and empowered to submit payments online.

The Bottom Line: There are many benefits in breaking away from traditional paper statements. Going paperless not only reduces environmental impact but can also help businesses reduce costs, reprioritize workloads, and improve cash flow by accelerating payments. For customers, electronic statements offer convenience and enhanced security leading to an overall improvement in customer satisfaction.

More on bill pay in Bill Payments: Helping Small Businesses Think Big.

*This is an update on an original post published July 2019

Today’s legacy and siloed banking technology infrastructure limit financial institutions’ ability to rapidly innovate. It’s time to look at money movement in a new way. Alacriti’s Orbipay Unified Money Movement Services does just that. Whether it’s real-time payments, digital disbursements, or bill pay, our cloud-based platform enables banks and credit unions to quickly and seamlessly deliver modern digital payments and money movement experiences. To speak to an Alacriti payments expert, please call us at (908) 791-2916 or email info@alacriti.com.

Alacriti Blog

4 Ways Chatbots Are Revolutionizing Electronic Bill Payments

Chatbots are transforming how we interact with businesses every day. Consumers can ask questions, receive suggestions, place orders, and make payments with the help of chatbots designed to streamline the customer journey. The technology also provides the benefit of analyzing past behavior to help predict future actions. This data mining allows chatbots to “learn” from historic behavior and apply this knowledge to curate more personalized experiences going forward. 

Chatbots also give businesses the ability to provide on-demand customer service that doesn’t rely exclusively on physical teams of customer service representatives—something that became essential almost overnight during the global pandemic. Rather, chatbots can be deployed strategically to service customers in tandem with their human counterparts, delivering a more streamlined and coordinated customer experience than ever before.

Bill payments are just one step of the customer journey where chatbots have a big impact. Here are four ways that chatbots are revolutionizing how businesses present billing information and accept electronic payments from their customers. 

  1. Fast answers to frequently asked billing and payments questions

What’s my account balance? When is my bill due? Can I make a payment today? A chatbot can answer all of these questions (and more) without human intervention. A chatbot accessed via an intelligent personal assistant (Amazon Alexa, Google Assistant, etc.), a messaging app (such as Facebook Messenger), or directly on a website can process these questions and return answers with the touch of a button or a simple voice command.

  1. Consistent interactions with customers

Chatbots use natural language processing and machine learning to constantly refine their interactions with customers. For example, a chatbot can understand a question that’s asked in a variety of ways and return a consistent response that accurately answers the inquiry. The technology is also becoming more adept at detecting frustration and transferring dissatisfied customers to human agents to help address challenging situations. This allows companies to maintain more consistency in their interactions with customers and allows them to review historic interactions to identify areas of improvement.

  1. Cost savings

Servicing customers is often a significant expense for businesses. Chatbots can help lessen the burden on customer-facing teams by freeing them from routine requests and allowing them to focus on more complex inquiries. A report from Juniper Research predicts that by the year 2022, chatbots will be responsible for cost savings of approximately $8 billion per year. As businesses constantly evaluate new ways to reduce costs and improve efficiency, chatbots may be a natural place to invest in streamlining operations.

  1. Accessibility for all businesses

Implementing a chatbot might seem like something reserved for large businesses.  However, small and medium-sized businesses can also reap the benefits of chatbots without building them themselves. Select electronic bill presentment and payment (EBPP) solutions offer chatbots as part of their offering, making it easy for businesses to get up and running quickly.

The Bottom Line: Chatbots are quickly becoming table stakes for businesses of all sizes due to the benefits they provide across the customer journey. Implementing a chatbot for electronic bill payments can be as simple as working with an EBPP provider that offers a turnkey and fully integrated solution.

*This is an update on an original post published August 2019.

Alacriti Blog

Why Should Businesses Offer Flexible Payment Options?

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Customers have seemingly endless options when it comes to their commerce decisions, from what they buy to how they buy it. As this universe of choice keeps expanding, businesses are often left with the challenge of how to set themselves apart from the crowd. 

Payments play a crucial role in the overall customer experience, but they can sometimes be an afterthought. However, investing in a flexible, customer-focused bill payments experience can help businesses get paid faster, reduce the risk of bad debt, and adapt quickly to changing customer expectations.

Get paid faster

Operational efficiency and organizational growth are fueled by steady, predictable income. Streamlining bill payments for your customers can help reduce barriers in getting money from their accounts into yours. Manual billing processes and traditional payment methods like paper checks require time and effort, which can be a burden on internal resources. They also require work from your customers and can create a less-than-ideal interaction with your brand.

An electronic bill presentment and payment (EBPP) solution can help deliver bills to your customers faster and encourage on-time payments. Offering electronic funding methods such as credit cards, debit cards, and ACH allows payments to be processed faster than paper checks and requires less work than in-person payments. Offering customers these electronic payment methods is a simple way to accelerate cash flow and improve the overall experience.

Reduce the risk of bad debt

Slow payment processing isn’t the only problem plaguing cash flow within some organizations. There are many reasons why customers might miss their bill payments, from financial hardships to simply forgetting their payments are due.

An EBPP solution can help reduce the risk of bad debt by sending regular communications to your customers regarding their outstanding balances and upcoming due dates. Email and text messages can be scheduled to reach customers at regular intervals in the communication channels they use most, reducing the risk of forgotten payments. An EBPP solution can also be configured to offer payment options like autopay, recurring payments, and payment plans to give customers more control over their finances.

Adapt quickly to changing customer expectations

Innovative apps like Starbucks and Uber are elevating your customers’ expectations for simple, seamless payments. More and more, customers are coming to expect the same level of high-quality digital service from all businesses they interact with. And, the global pandemic has accelerated demand for increased digitalization—and that extends to payments. 

Flexible payments are about more than just a sleek mobile experience. An EBPP solution can also give your business access to chatbot technology that can incorporate into the apps your customers use most, like Facebook Messenger. Chatbots can also be leveraged via intelligent personal assistants like Amazon Alexa and Google Assistant, allowing customers to request account information and make voice payments using natural spoken commands.

The Bottom Line: Flexible electronic bill payments are a must for organizations of all types and sizes. The right EBPP solution can help your business transform costly manual processes into payments that accelerate cash flow, increase satisfaction, and engage customers in innovative new ways.

More on changes in consumer expectations in Turn and Face the Strange Changes in the Payments Industry.

*This is an update on an original post published May 2019

Today’s legacy and siloed banking technology infrastructure limit financial institutions’ ability to rapidly innovate. It’s time to look at money movement in a new way. Alacriti’s Orbipay Unified Money Movement Services does just that. Whether it’s real-time payments, digital disbursements, or bill pay, our cloud-based platform enables banks and credit unions to quickly and seamlessly deliver modern digital payments and money movement experiences. To speak to an Alacriti payments expert, please call us at (908) 791-2916 or email info@alacriti.com.

Alacriti Blog

4 Ways to Reduce Friction in Bill Payments (Infographic)

Consumer acceptance of online bill payments is increasing, along with expectations for a seamless bill payment experience driven by retail leaders and increasingly innovative payment methods. To reduce friction in bill payments for consumers, you have to think one step ahead of them and offer 24/7/365/anywhere convenience—whether online or through more traditional channels.

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