VSoft Corporation, a global provider of information and technology solutions for financial institutions, announced a partnership with Payrailz, a digital payments company offering smarter, more engaging and secure payment experiences to banks and credit unions. VSoft will integrate Payrailz’s payment services into its digital banking platform, Arya.
Announced during this year’s Symitar Educational Conference & TechConnect, the partnership will enable financial institutions that use Arya to offer their account holders an improved and smarter payments experience with Payrailz. Retail account holders can use the service to view billing information and transact payments with specified delivery times, including immediate, same day, next day, or on a pre-determined future date. Automated and recurring payments can also be scheduled. Business and commercial account holders will benefit from advanced automation tools to streamline processes including establishing user entitlements, viewing billing information, as well as invoice payments to their business partners or other payees.
Payrailz’s technology draws inspiration from other industries that have leveraged advancements in technology and artificial intelligence to meet the growing demand to automate tasks for users. Payrailz believes the industry is ready for a “do it for me” solution to better manage their payment needs and has built a powerful engine driven by predictive smart technology to turn payments into an afterthought for consumers.
According to a study from Javelin, banks and credit unions are the first place that most consumers turn to for transacting bill payments, facilitating $3.5 trillion in payments for several bills, including $442 billion that is transacted via smartphones and tablets. This research highlights the importance of providing digital banking services that help account holders consolidate their financial activity and banking purchases, which boosts customer loyalty and long-term profitability for the financial institution.
“Our mission at Payrailz is to help financial institutions leap frog current offerings and add value to the payments experience for their customers or members,” said Fran Duggan, CEO of Payrailz. “Partnering with an established provider like VSoft will empower us to accomplish that and enable the financial institutions that leverage Arya to eliminate friction in the payments process and ultimately, enhance the overall consumer payments experience.”
Designed to deliver a better, feature-rich digital banking experience, Arya is the industry’s first fully integrated digital banking platform, combining both mobile banking and digital banking within a unified system. By streamlining multiple banking channels under a single access point, Arya provides a seamless user experience while providing financial institutions a single access point to view data.
“We designed Arya to serve as the foundation for our financial institution clients to easily scale and adapt to evolving technology, trends and account holder preferences. Our partnership with Payrailz facilitates this and further enhances the Arya platform,” said Murthy Veeraghanta, chairman and CEO of VSoft. “The financial institutions we serve are always looking to strengthen relationships with account holders and by offering a more engaging payments experience within Arya, banks and credit unions can exceed account holder expectations.”
Payrailz is a digital payments company offering advanced bill payment and money transfer solutions to banks and credit unions. In a society that increasingly has become focused on a “do it for me” culture, Payrailz’s smart technology makes the difference. Payrailz creates smarter payment experiences for the financial services industry that are predictive and more engaging than currently available alternatives. Financial institutions can confidently embrace Payrailz’s cloud based technology engine, including AI, dynamic workflow, open data exchange, and a robust SDK to offer unique payment solutions to their customers. Payrailz helps financial institutions meet the payment expectations of today and the payment innovation needs of tomorrow. For more information, visit www.payrailz.com, follow them on Twitter @Payrailz, Facebook or LinkedIn, or contact Mickey Goldwasser at 860.430.9245.
About VSoft Corporation
VSoft Corporation offers platform-based services for the banking and financial services industry. Its core, payment and digital banking solutions reduce cost and maximize efficiency while providing seamless, real-time, high-volume and high-performance transactions across multiple channels. The VSoft platform can be delivered in-house, or as an outsourced ASP or SaaS model to best meet the needs of individual financial institutions. VSoft’s services have been trusted by financial institutions worldwide. For more information, please call 770-225-7692, or visit www.vsoftcorp.com, or follow them on Twitter @VSoft_Corp.