The new technology, Pay Now, is said to be the first-of-its-kind and real-time digital bill payment technology for the financial industry.
Allied Payment chief technology officer Leo D’Angelo demonstrated the new Pay Now technology at the Finastra’s FusionONE open banking developer conference in London as a case study, under which how Fintech firms can incorporate with bank Application Programming Interfaces (APIs) to create, deploy and monetise advance technology for banks and credit unions.
Allied Payment has collaborated with financial services software provider Finastra to develop the new real-time digital bill payment technology using the FusionFabric.cloud open platform.
FusionFabric.cloud enables developers to provide their technology directly to financial institutions to help them provide required services as per the customers demand.
The new Pay Now technology enables real-time bill payments from a bank or credit union’s digital banking website or app.
The funds will be immediately moved from the user’s bank account to the biller with a single click, facilitating instant confirmation from the biller that the bill has been paid.
Allied Payment Network founder and CEO Ralph Marcuccilli said: “Many of today’s consumers will choose a bank based on the depth of its digital capabilities or, conversely, leave one that is falling short.
“Banks that offer customers real-time bill payment set themselves apart as digital leaders, building engagement that is vital to longevity in this highly competitive marketplace.”
Finastra partner management head Steve Reich said: “Ultimately, our FusionFabric.cloud platform was created to drive value: value to financial institutions by allowing them to offer innovative solutions to their account holders, and value to Fintechs like Allied.”
Allied Payment provides a full suite of online and mobile bill pay channels, including solutions for Internet bill pay, small business payments, person-to-person, account-to-account, and online loan payments.
Finastra offers portfolio of financial services software for the customers in the retail banking, transaction banking, lending, and treasury and capital markets.
