Backbase and Alacriti Partner to Provide Instant Payment Solutions for Financial Institutions

Alacriti’s integration into the Backbase Engagement Banking Platform enables FIs to swiftly introduce instant payments, streamline operations, and reduce costs

Backbase, the global leader in Engagement Banking, today announced that Alacriti, an innovator in cloud-based payments and money movement services, will integrate its payments hub solution into the Backbase Engagement Banking Platform. Through this partnership, Backbase clients will be able to offer instant payment capabilities to their customers. Backbase, leveraging Alacriti's Orbipay Payments Hub, will support end-to-end payment orchestration and processing through the RTP® network, the FedNow® Service, Visa Direct, Fedwire, and ACH payment rails.

This partnership prepares financial institutions (FIs) to effectively respond to payments industry changes, such as the evolution of ISO 20022 messaging standards and the launch of the FedNow Service. Orbipay Payments Hub’s microservices-based architecture makes it possible for FIs to meet the growing demand for real-time payments while orchestrating payments through older rails, even with existing legacy systems. The result is the accelerated deployment of instant payments, reduced transaction costs, and centralized reporting across all payment rails, as well as a better experience and more payment options for end users.

“The evolving U.S. payments landscape, marked by the rise of new standards and payments capabilities, provides financial institutions an opportunity to offer a better solution to their members,” said Sam Boggs III, Senior Vice President and General Manager, Backbase. “Alacriti will be joining Backbase’s Fintech-as-a-Service program, which integrates best-in-class fintech partners and solutions into our Engagement Banking Platform. This is a great next step in Backbase’s payment strategy of enabling multiple money movement solutions, both in retail and business segments. Through this integration, we’re offering financial institutions the flexibility to evolve their Real-time payment offerings based on demand and specific use cases. Alacriti is the market leader in instant payments, and we’re thrilled to partner with them on this journey to support our customers’ long-term growth in a scalable manner.”

The addition of Alacriti’s Orbipay Payments Hub to the Backbase Engagement Banking Platform offers a grow-as-you-go model where financial institutions can adopt rails at a pace that is best for their business and budget. In addition, intelligent routing ensures payments are placed on the most cost-efficient rail at the required speed of the customer for each transaction.

"Combining Alacriti's frictionless instant payments capabilities with Backbase's best-in-class Engagement Banking Platform is a game changer for community banks and credit unions," said Mike Davis, Chief Revenue Officer, Alacriti. "Together, we’re enabling these FIs to seamlessly decouple from traditional core systems and embrace a more agile and scalable approach to innovation. By aligning with Backbase's commitment to progressive modernization, we’re strengthening the digital experiences financial institutions can offer their customers."

“Faster payments are not just for the big banks and large corporates,” said Erika Baumann, Director, Commercial Banking & Payments Practice at Datos Insights. “Datos Insights research shows that real-time payments are critical to small businesses as well, many of which are serviced by community banks and credit unions. The partnership between Backbase and Alacriti is a great example of how more robust capabilities are accessible to FIs of all sizes, enabling them to be competitive and focus on modern payment capabilities for their clients and members.”

About Backbase
Backbase is on a mission to re-architect banking around the customer.

Backbase created the Backbase Engagement Banking Platform – a unified platform with the customer at the center, empowering banks to accelerate their digital transformation. From customer onboarding, to servicing, loyalty and loan origination, our single platform — open and frictionless, with ready-to-go apps — improves every aspect of the customer experience. Built from the ground up with the customer at the heart, our Engagement Banking Platform easily plugs into existing core banking systems and comes pre-integrated with the latest fintechs so financial institutions can innovate at scale.

Industry analysts Gartner, Celent, Omdia and IDC continuously recognize Backbase’s category leadership. Over 120 financials around the world have embraced the Backbase Engagement Banking Platform — including AIB, Banorte, Barclays, BIAT, Bank of the Philippine Islands, BDO, BNP Paribas, Banque Saudi Fransi, BRD, Citibank, Discovery Bank, First National Bank, HDFC, Ila Bank, KeyBank, Lloyds Banking Group, NatWest, Navy Federal Credit Union, OTP Group, PostFinance, Raiffeisen, RBC, Standard Bank, Saudi National Bank, Société Générale, Truist, and TPBank.

Backbase is a private fintech company, founded in 2003 in Amsterdam (Global HQ), with regional offices in Atlanta (Americas HQ), Boise, Cardiff, Dubai, Hyderabad, Kraków, London, Mexico City, Milano, New York, Singapore (Asia HQ), Sydney, and Toronto.

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