Payrailz: Smart, Proactive and Predictive Banking

CIO VendorFran Duggan, CEO
“Eliminating the need to make manual payments and providing a “Do it for me” experience is the best way to realize a completely digitalized payment experience,” begins Fran Duggan, CEO of Payrailz.
Payrailz was built around the central mission of simplifying and adding value to the digital experience for consumers and businesses by making payments smarter and more engaging.

Payrailz, a payment experience company, is a cloud-based, API-first architecture solution that leverages artificial intelligence (AI) to make this enhanced experience possible. The Payrailz advanced payments engine delivers a full range of consumer and business digital payment solutions and uses AI to bridge the gap between the end-users and the financial institutions by dramatically changing how payments are processed in order to deliver a better overall experience.

Duggan highlights that the company aims to resolve the pain points for the two key stakeholders: the bank or credit union and their customers or members. On the one hand, the financial services industry is challenged by non-traditional players from outside the industry seeking to disrupt the payments marketplace. With all the hype around innovative technologies being offered, banks and credit unions are losing their relevance within the general market as well as tech-savvy millennials, while these outside payment financial applications seep into the traditional financial space that banks and credit unions have traditionally dominated.

On the other hand, consumers who are constantly toggling multiple tasks each day, leaving them starved for time, on information overload and seeking solutions to simplify their lives. This is especially true when it comes to payments whether it is paying bills, transferring money or P2P (person-to-person) payments. Consumers are demanding a better solution. Payments dominate engagement and with this in mind, financial institutions have a real opportunity to provide value as they look to retain and attract consumers.

As an innovative digital payments company, Payrailz enables financial institutions to offer smarter, faster and more engaging payment experiences to their account holders. Using Payrailz’s advanced smart driven payments solution, a financial institution can leverage data they already have, such as the user's payday, the due date of bills, and account balances and other key data, to provide recommendations on how payments are handled to be optimal to the individual situation.

Taking into account all these factors, the solution takes a “Do it for me” approach by suggesting how and when a payment should be made with the consent of the user to ensure that the bills and payments are paid in an optimal manner. Moreover, Payrailz leverages AI to learn the user’s preference in payments and money management, providing them with a more personalized banking experience. In addition, beyond making a payment, the Payrailz engine can also proactively recommend when the user should consider opening an auto saver program with their excess funds or move money from other accounts to cover upcoming payments or even renegotiate the bills they have. "We provide financial institutions with a smart, proactive, predictive approach backed by personalized and responsive service to help people better manage their finances," adds Duggan.

We provide financial institutions with a smarter more engaging digital payment experience that adds value to the user as well as the FI, by leveraging the latest technologies such API first, Cloud and artificial intelligence (AI)

Since AI depends on robust datasets, banks and credit unions are best positioned to offer the best fuel for the AI engine—rich financial transaction data. Additionally, the Payrailz solution also includes a robust security system to protect the users' privacy and data integrity. Payrailz considers security to be second nature with security built natively into their tools. In addition to a triple data encryption algorithm (TDEA), all the data available is tokenized which ensures that the data is protected at rest, in transit, and while in use. The approach to security enhances the confidence the users have in their financial institution. Beyond the advanced technology the Payrailz team has deep industry experience and a commitment to service that further differentiates them from the legacy players in the marketplace.
Having attracted investments from several leading financial organizations within the banking industry, Payrailz finds the added advantage of having knowledgeable investors as an integral part of their advisory board. This group of industry leaders sees the intrinsic value of Payrailz’s offerings. A number of top U.S.-based credit unions and banks are opting to partner with the company to gain access to the AI-based payment solutions in order to better compete and satisfy the needs of their customers or members.

With a fast-growing clientele, Duggan aims to expand the solutions and add even more AI capabilities to make the toolset even more robust, and in the process, fully automate real-time payments. Expanding their offerings into the B2B sector, Payrailz aims to reduce the business transactions done manually, 85 percent of which are still being made through checks. Payrailz helps financial institutions to leapfrog current payment expectations, by adding value to the digital experience through smarter, more engaging payment experiences that put FIs at the center of their account holders’ lives.