Martin Cole
Key Takeaways
– Allied Payment Network and Central Payments have partnered to offer real-time, open-network payments solutions.
– The partnership aims to enhance the banking-as-a-service capabilities of both companies.
– Subscribers to Finextra’s newsletter can stay updated on the latest news and job opportunities in the industry.
Introduction
In today’s digital age, the way we make payments has evolved significantly. Traditional methods, such as cash and checks, are being replaced by more convenient and efficient electronic payment solutions. Allied Payment Network, a leading provider of online and mobile bill payment services, has recognized the need for innovative payment solutions and has partnered with Central Payments to offer real-time, open-network payments to banks and credit unions.
The Partnership
The partnership between Allied Payment Network and Central Payments is a strategic move to enhance the banking-as-a-service capabilities of both companies. By combining their expertise and resources, they aim to provide banks and credit unions with a comprehensive payments solution that meets the evolving needs of their customers.
Real-Time Payments
One of the key benefits of the Allied Payment Network and Central Payments partnership is the ability to offer real-time payments. This means that customers can make payments and have them processed instantly, eliminating the need for delays and waiting periods. Real-time payments provide a seamless and efficient experience for both consumers and businesses, improving cash flow and reducing transaction costs.
Open-Network Payments
Another significant advantage of this partnership is the introduction of open-network payments. Open-network payments allow customers to make payments to any recipient, regardless of their financial institution. This eliminates the need for multiple payment platforms and simplifies the payment process for consumers. With open-network payments, customers have more flexibility and convenience in managing their finances.
Enhanced Banking-as-a-Service
The partnership between Allied Payment Network and Central Payments aims to enhance the banking-as-a-service capabilities of both companies. Banking-as-a-service (BaaS) refers to the ability for banks and credit unions to offer a wide range of financial services through digital platforms. By leveraging the expertise and technology of Allied Payment Network and Central Payments, banks and credit unions can provide their customers with a seamless and integrated payment experience.
Improved Customer Experience
With the enhanced BaaS capabilities, banks and credit unions can offer their customers a more personalized and convenient payment experience. Customers can easily manage their finances, make payments, and track their transactions through a single platform. This improves customer satisfaction and loyalty, as well as streamlines the overall banking process.
Increased Efficiency and Cost Savings
The partnership between Allied Payment Network and Central Payments also brings about increased efficiency and cost savings for banks and credit unions. By leveraging real-time payments and open-network payments, financial institutions can reduce manual processes and paperwork, resulting in time and cost savings. Additionally, the streamlined payment process reduces the risk of errors and delays, further improving operational efficiency.
Conclusion
The partnership between Allied Payment Network and Central Payments is set to revolutionize the payments landscape for banks and credit unions. With real-time, open-network payments and enhanced BaaS capabilities, financial institutions can provide their customers with a seamless and integrated payment experience. This partnership not only improves customer satisfaction but also increases efficiency and cost savings for banks and credit unions. Stay updated on the latest news and job opportunities in the industry by subscribing to Finextra’s free daily newsletter.
