Payrailz® and Credit Union backed CUSO, CU Railz™, Expands Industry Collaboration with the Addition of Four Credit Union Investors
Glastonbury, Conn., February 24, 2020– Payrailz®, a digital payments company offering smarter, more engaging payment experiences to banks and credit unions across the United States, announced the addition of four credit unions to its credit union sponsored payments CUSO, CU Railz™.
Unify Financial Credit Union (Torrance, CA), Evansville Teachers Federal Credit Union (Evansville, IN), Pen Air Federal Credit Union (Pensacola, FL) and Nusenda Credit Union (Albuquerque, NM) are the most recent investors to the CUSO. These four credit unions will join the existing six founding members in partnering with Payrailz to develop new, innovative technologies and experiences for their members that will revolutionize and strengthen their digital relationships.
“The opportunity to partner with CU Railz provides our members with a state-of-the-art, real-time delivery solution for Bill Pay, A2A, P2P, as well as new account funding,” said Bill Schirmer, president and CEO of Evansville Teachers Federal Credit Union. “CU Railz offers the knowledge and skill set we desired in providing our members a progressive and contemporary real-time digital experience.”
Launched in August of 2019, the formation of CU Railz came out of a working relationship with established CUSOs Members Development Company (MDC) and Constellation Digital Partners, which are both now partners of Payrailz. The CUSO initially included six founding credit union members: Coastal Credit Union (Raleigh, NC), Farmers Insurance Federal Credit Union (Los Angeles, CA), Georgia’s Own Credit Union (Atlanta, GA), Meritrust Credit Union (Wichita, KS), Teachers Credit Union (South Bend, IN) and TwinStar Credit Union (Lacey, WA).
Open to all credit unions and other CUSOs, CU Railz provides members with the opportunity to become owners in the CUSO, thereby giving them a voice in the direction of products as well as favorable pricing and the ability to deliver new and innovative services to credit union members. CU Railz members are also strategic partners in the development of new payment technologies and experiences, which is particularly important as they compete in today’s highly competitive banking environment.
“The ongoing interest and continuous growth CU Railz has experienced in these first six months has been incredible and truly showcases the industry’s need for credit union led innovation,” said Fran Duggan, CEO of Payrailz. “CU Railz is making a difference by giving credit unions a voice in the technologies so instrumental in their success in the banking world. Through the formation of CU Railz, credit unions have a way to control their future by offering the most innovative payment technologies and experiences to their members.”
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.