Constellation Digital Partners, a platform enabling credit unions and fintech developers to work together, and Payrailz, a digital payments company offering smarter, more engaging and secure payment experiences, are pleased to announce a new partnership to create a joint solution that credit unions can use to create a better digital banking experience. The partnership also signifies another milestone for Constellation as its first enterprise level agreement, which allows developers to provide more platform-oriented functions and services for credit unions.
The Constellation Digital Platform is the first open development platform to deliver financial services to credit unions and provides a unique opportunity to achieve a new level of integrated service for credit union members. Constellation provides the mechanism for securing services, providing services with access to the core, and delivering those services in a cohesive, uniform way. The Platform allows anyone to create services, freeing credit unions from having to rely on a single provider for all digital services, and enables credit unions to develop its own services or buy services created by anyone in the Constellation ecosystem.
Payrailz’s technology draws inspiration from other industries that have leveraged advancements in technology and artificial intelligence to meet the growing demand to automate tasks for users. Payrailz believes the industry is ready for a “do it for me” solution to better manage their payment needs and has built a powerful engine driven by predictive smart technology to turn payments into an afterthought for members.
Payrailz and Constellation share likeminded missions to provide credit unions with the tools and services needed to provide the best possible outcomes for members. Until now, credit unions had been competing with banks that have had easier access to integrate evolving technologies. Credit unions are now looking at technology as an investment to provide better services to members and are prioritizing members’ expectations of a digital banking experience.
“Credit unions collaborate all the time and they expect vendors to collaborate as well. This partnership is a great example of that,” said Payrailz CEO and Founder, Fran Duggan. “Similar to Constellation, our mission at Payrailz is to help credit unions leap frog current offerings and add value to the overall experience for their members. Payrailz is engineering solutions to address the needs of an emerging ‘do it for me’ culture by reimaging the payments experience. Partnering with Constellation further delivers on this promise.”
Working together, Payrailz and Constellation will make it simpler for credit unions to access the resources needed to provide the digital services members expect and desire. The patented secure marketplace enables credit unions to engage members in a way that’s never been possible before, powered by multiple providers, like Payrailz, through a single consolidated member application.
“Credit unions come to Constellation and Payrailz because they want to keep members happy. Happy members leads to higher retention rates,” said Constellation CEO and Founder, Kris Kovacs. “Constellation provides a new way for credit unions to deliver on its long-standing mission of making members’ lives easier. Our partnership with Payrailz is a good use case for that.”