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.

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 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,” said Sam Boggs III, Senior Vice President and General Manager, Backbase.

“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.”

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.”

“Faster payments are not just for the big banks and large corporates,” said Erika Baumann, Director, Commercial Banking & Payments Practice at Datos Insights. “Datos Insights research shows that real-time payments are critical to small businesses as well, many of which are serviced by community banks and credit unions. The partnership between Backbase and Alacriti is a great example of how more robust capabilities are accessible to FIs of all sizes, enabling them to be competitive and focus on modern payment capabilities for their clients and members.”