MEMBERS Development Company Announces Collaborative Partnership Agreement with Payrailz™
– Innovative partnership expands the availability of digital payment services to credit unions –
MADISON, Wis. and GLASTONBURY, Conn., August 20, 2019 – Payrailz™, a digital payments company offering smarter more engaging payment experiences to banks and credit unions announced that MEMBERS Development Company (MDC), a research and development CUSO dedicated to delivering meaningful solutions to the 21st-century demands of credit union members, has agreed to an exclusive collaborative partnership.
This partnership is the first of its kind that MDC has entered into and under this agreement, MDC will exclusively market and promote Payrailz’ digital payments services, including the Payrailz Smart Payment Platform, consumer and business bill pay, account-to-account transfers (A2A), peer-to-peer payments (P2P) and new account opening to its own membership of approximately 70 credit unions, as well as other credit unions located across the United States. The two organizations will also be working together on special events, activities and marketing efforts.
This partnership comes on the heels of the recent launch of CU Railz (formally known as CU Payz) a CUSO formed by Payrailz with the help of MDC, which was announced at the recent MDC Fintech Expo, held in Chicago. The two organizations, along with other CUSOs and credit unions, acknowledge it is time for credit unions to start working together to improve their technology offerings, specifically when it comes to digital payments services. Through this reseller agreement and the newly formed CUSO, the two companies are offering credit unions a greater voice in both the creation of and access to smarter payments services for members.
“This is the first exclusive partnership that we have entered into, and one which opens the door to a multitude of additional opportunities for the credit unions that we serve,” said Jeff Kline, president and CEO of MDC. “We are excited to work with Payrailz in this capacity and to empower credit unions by connecting them with each other and with innovative payments services for members.”
“MDC has been a great asset to us as we work to provide smarter and more engaging payment experiences to the credit union community,” said Fran Duggan, CEO of Payrailz. “The talented professionals at MDC and its owner credit unions have been instrumental in the formation of CU Railz, and we are excited to expand our relationship through this referral agreement. It is past time for credit unions, CUSOs and companies like us to start working together, and we are proud to be making strides toward greater collaboration in our industry.”
MEMBERS Development Company is an interactive network of industry leaders serving as a catalyst for success in the credit union industry by identifying and connecting disruptors in financial services. MDC’s owners pool resources to enable relevant research, develop innovative products and services, create valuable vendor relationships, share knowledge, provide economies of scale and keep a consistent focus on the horizon. Combined, our owners serve 14.5 million members, hold nearly $206 billion in assets, maintain over 1,800 branch locations across the nation and employ more than 37,000 employees.
For more information, visit membersdevelopment.com or contact Jeff Kline at 512.569.0450
Payrailz is a digital payments company offering advanced payment capabilities and experiences including consumer and business bill pay, external and internal transfers, new account funding, P2P, B2B, B2C and other related solutions to banks and credit unions. In a society that increasingly has become focused on a “do it for me” culture, Payrailz’ 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’ API-first and cloud-native technology engine, to offer unique payment solutions to their consumers and businesses. Payrailz helps financial institutions meet the payment expectations of today and the payment innovation needs of tomorrow. For more information, visit payrailz.com, follow them on Twitter @Payrailz, Facebook or LinkedIn, or contact Mickey Goldwasser at 860.430.9245.