AppBrilliance launches mobile payment technology enabling real-time retail push payments, poised to disrupt Visa and the $120B+ U.S. payment processing industry
The show must go on! AppBrilliance is a headline sponsor of the seventh annual SoFin event catering to FinTech companies and investors. While SXSW 2020 was canceled due to the potential threat of the coronavirus, un-official events like SoFin are still taking place.
“Companies like Plaid and other legacy data aggregators enabled the first generation of FinTech and payment applications.”
AppBrilliance, Inc., an early-stage FinTech company out of Austin, TX, is launching its Payments/Money Movement SDK for iOS and Android on Friday, March 13th at the SoFin 2020 Event.
Unlike Plaid (purchased by Visa for $5.3 Billion in January 2020) and other legacy cloud-based data aggregation companies, the patented AppBrilliance technology runs at the ‘edge of the network,’ within a trusted application on a user’s mobile device, enabling real-time payments and money-movement capabilities for consumers with accounts at the top U.S. banks.
“Companies like Plaid and other legacy data aggregators enabled the first generation of FinTech and payment applications.” Eric Smith, the company’s Founder and CEO, continues, “With our Money Movement SDK, these companies can now offer direct push-payments and real-time transfers to their users, bypassing expensive debit and credit processing and moving funds instantly at a disruptively low cost. Companies that rely on real-time payments can save 200-300% vs. processing the payments over debit or credit rails. Companies that have relied on Plaid and similar providers for ACH payment information now have access to disruptive new technology.”
Customers will use the AppBrilliance Money Movement SDK for contactless retail payments, online shopping and reducing the friction in moving money between US bank accounts and crypto exchanges.
Dave Fruhling, the company’s Co-Founder and COO, added, “As consumers continue to shift to mobile payments, our technology provides application developers a disruptive, low-friction, high security path to radically reduce their payment processing costs. While the 2-3% average cost of payment processing might sound small, switching to our SDK for real-time money movement can improve overall net profit margins for even the largest companies by 20-30%, representing billions of dollars annually.”
AppBrilliance will be unveiling its Money Movement SDK technology at the SoFin 2020 event on Friday, March 13th. Demos will be provided on-site.