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Backbase & Alacriti to offer instant payment solutions for financial institutions

By Delisha Fernandes

February 28, 2024

  • Alacriti
  • Backbase
  • Cloud Based Payments
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Backbase, Danske Bank, Engagement Banking, FinTech, DenmarkBackbase, the engagement banking specialist, has announced that Alacriti, an innovator in cloud-based payments and money movement services, will integrate its payments hub solution into the Backbase Engagement Banking Platform.

Through this partnership, Backbase clients will be able to offer instant payment capabilities to their customers. Backbase, leveraging Alacriti’s Orbipay Payments Hub, will support end-to-end payment orchestration and processing through the RTP network, the FedNow Service, Visa Direct, Fedwire, and ACH payment rails.

“Alacriti will be joining Backbase’s Fintech-as-a-Service program, which integrates best-in-class fintech partners and solutions into our Engagement Banking Platform. This is a great next step in Backbase’s payment strategy of enabling multiple money movement solutions, both in retail and business segments. Through this integration, we’re offering financial institutions the flexibility to evolve their Real-time payment offerings based on demand and specific use cases. Alacriti is the market leader in instant payments, and we’re thrilled to partner with them on this journey to support our customers’ long-term growth in a scalable manner.” said Sam Boggs III, Senior Vice President and General Manager, Backbase.

This partnership prepares financial institutions (FIs) to effectively respond to payments industry changes, such as the evolution of ISO 20022 messaging standards and the launch of the FedNow Service. Orbipay Payments Hub’s microservices-based architecture makes it possible for FIs to meet the growing demand for real-time payments while orchestrating payments through older rails, even with existing legacy systems. The result is the accelerated deployment of instant payments, reduced transaction costs, and centralized reporting across all payment rails, as well as a better experience and more payment options for end users.

The addition of Alacriti’s Orbipay Payments Hub to the Backbase Engagement Banking Platform offers a grow-as-you-go model where financial institutions can adopt rails at a pace that is best for their business and budget. In addition, intelligent routing ensures payments are placed on the most cost-efficient rail at the required speed of the customer for each transaction.

“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,” said Mike Davis, Chief Revenue Officer, Alacriti. “Together, we’re enabling these FIs to seamlessly decouple from traditional core systems and embrace a more agile and scalable approach to innovation. By aligning with Backbase’s commitment to progressive modernization, we’re strengthening the digital experiences financial institutions can offer their customers.”

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