Clients of Backbase will be able to provide their customers with quick payment capabilities thanks to this relationship. Backbase will facilitate end-to-end payment orchestration and processing over the RTP® network, FedNow® Service, Visa Direct, Fedwire, and ACH payment rails by utilizing Alacriti's Orbipay Payments Hub.

Through this agreement, financial institutions (FIs) will be better equipped to adapt to changes in the payments industry, like the introduction of the FedNow Service and the development of ISO 20022 communications standards. Because of the microservices-based design of Orbipay Payments Hub, financial institutions (FIs) may manage payments through outdated rails, even with pre-existing legacy systems, and satisfy the increasing need for real-time payments. As a result, end customers will enjoy improved service and more payment options in addition to an expedited deployment of fast payments, lower transaction costs, and centralized reporting across all payment rails.

According to Sam Boggs III, senior vice president and general manager of Backbase, "the evolving U.S. payments landscape, marked by the rise of new standards and payments capabilities, provides financial institutions an opportunity to offer a better solution to their members."

"Alacriti will be a part of Backbase's Fintech-as-a-Service platform, which combines our Engagement Banking Platform with top fintech partners and products. Backbase's payment strategy of offering different money movement alternatives in both retail and business segments is a great step forward with this. We're giving financial institutions the freedom to change their real-time payment solutions in response to market demands and particular use cases by means of this interface. As the industry leader in rapid payments, Alacriti and we are excited to collaborate with them to provide scalable long-term growth assistance for our clients.

Financial institutions can embrace rails at a rate that works best for their operations and budget thanks to the grow-as-you-go strategy provided by Alacriti's Orbipay Payments Hub integration with the Backbase Engagement Banking Platform. Furthermore, intelligent routing makes sure that every transaction is completed at the customer-required speed and on the least expensive train.

Mike Davis, Chief Revenue Officer of Alacriti, stated that "combining Alacriti's frictionless instant payments capabilities with Backbase's best-in-class Engagement Banking Platform is a game changer for community banks and credit unions." By working together, we're making it possible for these FIs to smoothly separate from their conventional core systems and adopt a more flexible and scalable innovation strategy. Through our alignment with Backbase's progressive modernization mission, we are fortifying the digital experiences that financial institutions can provide to their clientele.

"Big banks and large corporations are not the only ones that can benefit from faster payments," stated Erika Baumann, Director of Datos Insights' Commercial Banking & Payments Practice. According to data from Datos Insights, real-time payments are essential for small enterprises as well, a large number of which are provided with banking and credit union services. The collaboration between Backbase and Alacriti is an excellent illustration of how FIs of all sizes may gain access to more powerful features, allowing them to remain competitive and concentrate on providing members and clients with cutting-edge payment options.