Ralph, Marcuccilli, Founder and CEO, Allied Payment Network

Allied Payment Network, a provider of online and mobile bill payment services to banks and credit unions, introduced the first-of-its-kind, real-time digital bill payment technology at Finastra’s FusionONE open banking developer conference, held May 21 & 22, 2019 in London. Allied Payment Chief Technology Officer, Leo D’Angelo demonstrated the company’s new Pay Now technology at the conference as a case study in how Fintech firms can integrate with bank APIs to create, deploy and monetize innovative technology for banks and credit unions.

Allied Payment Network developed the technology in collaboration with Finastra, a financial services software provider to banks and credit unions worldwide, using the FusionFabric.cloud open platform for innovation. The platform allows developers to deliver their technology directly to financial institutions to help them offer the type of innovative services their customers demand.

“Many of today’s consumers will choose a bank based on the depth of its digital capabilities or, conversely, leave one that is falling short. Banks that offer customers real-time bill payment set themselves apart as digital leaders, building engagement that is vital to longevity in this highly competitive marketplace” said Ralph, Marcuccilli, founder and Chief Executive Officer, Allied Payment Network.

Allied’s new Pay Now feature allows the industry’s first real-time bill payments from a bank or credit union’s digital banking website or app. With a single click, funds are immediately moved from the user’s bank account to the biller, allowing for instant confirmation from the biller that the bill has been paid. The company developed the real-time bill pay solution as a way to help financial institutions retain and grow their customer base through the introduction of highly engaging, innovative technology.

“Through our platform, Allied can get its new bill payment technology, Pay Now, into the hands of consumers faster and these consumers will benefit from the ability to manage bills centrally from their financial institution. It’s exciting to see companies like Allied and other Fintechs moving in this direction with us to enable true digital transformation,” said Steve Reich, Head of Partner Management for Finastra.

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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