New Products from Payrailz

Payrailz is the latest bill pay provider we are looking to bring into the network. Payrailz was built around the central mission of making the payments experience smarter and more engaging. They offer financial institutions a smarter payment solution with a “do it for you” approach that keeps users well informed and in control.

Payrailz P2P

This first project develops CU*BASE support for Payrailz P2P, including the ability to send a person to person payment in online banking and mobile. Payrailz P2P uses a goods fund model and supports one-time, future-dated, and recurring payments. Our tools will allow for multiple delivery options for the recipient to choose from, including:

  • Next day ACH (ACH rail)
  • Real-time (debit card rail)

Remember that while you can support multiple P2P products for your members, only one of them can be activated for new enrollments. For example, you could keep your existing P2P relationship for existing enrollees and switch to Payrailz P2P for all new enrollments.

Status as of June 2024: Beta-testing will begin in August for both P2P and bill pay. We are also still working on project#61330 which creates the monthly billing file we would need in order to charge fees to members. 

Payrailz Bill Pay

Payrailz is a digital payment service available to all end-users through mobile and online banking that replaces check writing and mailing. End-users must have an active checking account to use this service.  Payrailz is designed for payments made to billers outside your credit union.  Features include:

  • All payments to billers and people can be made from one location. No need to keep track of various biller sites and passwords.  Never miss a payment again.
  • Safe and secure with only one password to remember.
  • No more having to remember account and invoice numbers, addresses, and other biller information.
  • Secure, convenient, fast.
  • Flexibility to make changes to upcoming scheduled payments before they occur.
  • Convenience and peace of mind as payments can be scheduled far in advance and all payment records are kept.
  • Set email and text alerts to provide reminders about upcoming bills and to be kept apprised of the status of payments as they’re being sent and delivered.

Status as of June 2024: Beta-testing will begin in August for both P2P and bill pay. We are also still working on project#61330 which creates the monthly billing file we would need in order to charge fees to members. 

Payrailz A2A

Payrailz A2A (Account to Account) is a digital service available to all end-users through online and mobile banking that provides a secure way to move money between accounts that end-users own at different financial institutions. Transfer Money allows the end-user to transfer money to and from checking, savings and money market accounts. A2A also allows for the ability to make a payment to an internal loan account.

  • Choose real-time payments via the debit card rails.
  • Enter your login credentials or go through a small deposit process to link your external account(s). Once linked, securely move money to and from your different accounts with ease.
  • Transfer money or make payments from external accounts.
  • Set up recurring transfers, make changes to upcoming scheduled transfers before they occur.
  • Set up email and text alerts for reminders about upcoming transfers and status updates on transfers as they are sent.

Status as of June 2024: Beta-testing will begin in August for both P2P and bill pay. A2A beta-testing will begin shortly thereafter.

 

Chefs for this recipe:  Nicole Cooper and Heather French

Updated
June 12, 2024

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