January 03, 2020

Payrailz Seeks to Disrupt Payments – From Within

What if you could offer your customers a service that would not only pay their bills for them but remind them to pay their bills? What if the service worked in concert with their bank accounts to make sure there was enough money in the account to do so? What if it offered to negotiate a bill that was higher than usual?

Payrailz can help you do just that.

“If you can simplify and add value to your customers’ lives, they will use you,” said Mickey Goldwasser, Payrailz’s vice president of marketing. “Nobody goes home on a Friday night and says, ‘Wow, I get to pay bills! I can hardly wait!’, but what if on that Friday night the thought could be ‘Wow, the bank took care of that for me.’”

Designed to work within an institution’s mobile/digital banking application, or eventually as a standalone app branded with the firm’s name, the platform offers bill pay with a choice of delivery time (emergency/immediate, same day, next day, future date, recurring schedule or “set it and forget it” auto-pay). Its Smart Pay feature presents and pays bills as well as interacts with digital assistants and messaging bots. AI capabilities can also deliver insights about payments and payment methods to users. Person-to-person and account-to-account (both internal and external) transfers are also possible, as is funding for new accounts, which can lower operating costs and reduce new account opening abandonment rates.

“Banks have data. Credit unions have data,” Goldwasser said. “Using that data to provide a more predictive experience comes into play. That’s the reason a lot of people talk about disruption, and then they say, ‘Oh there’s a missing piece. How do we get the bank’s data?’ We’re trying to disrupt from within the industry so that banks and credit unions get involved in it.

“It’s all behind the scenes,” he said. “The consumer doesn’t see it. The key for us — it’s the financial institution that’s providing the service; we’re just the means to the end. We’re the technology behind it, but they get all the credit. Unlike Zelle, people aren’t going to say, ‘I use Payrailz.’ They’re going to say, ‘I use my bank’ … What’s the goal of that? Keeping the customers you have and getting new ones.”

Original article can be found online here.