First Northern Bank announced its membership in Alloy Labs Alliance, a consortium of innovative community banks working together to drive innovation and change for community banking. First Northern Bank is the only member bank from California.
Included in this announcement is the partnership Alloy Labs Alliance has created with Payrailz to create the open payments network, CHUCK. The CHUCK network will accommodate multiple technology partners and transaction types that will enable community banks to offer more options to their customers, many of whom wish to send money to people using accounts at other banks.
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Alloy Labs Alliance chose Payrailz, a digital payments company, as their partner in launching this new payment network. CHUCK provides a holistic approach to delivering personalized payments for consumers and businesses in a differentiated, cost-effective way. With the introduction of CHUCKTM community banks will now have a choice when it comes to providing instant payment capabilities and no longer must settle for more expensive, restrictive, and closed networks.
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Louise Walker, President & CEO of First Northern Bank, stated, “Being a part of Alloy Labs Alliance has been a game changer for First Northern Bank. CHUCKTM is an innovative approach to peer-to-peer (P2P) payments and allows community banks to strongly compete within the digital payments space. This open-payments network is the first of many innovative applications on the Alloy Labs Alliance roadmap that will give community banks a solid leg up in the digital environment that has quickly become a preferred delivery channel for day-to-day financial transactions. First Northern Bank looks forward to its launch of CHUCKTM in the first quarter of 2022. The members of Alloy Labs Alliance are committed to dispelling the myth that community banks can’t be cutting edge.”
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