Customers want choice and convenience. Forcing them to use multiple applications to pay friends and businesses depending on what private network they use is the opposite experience. The CHUCK™ payment network allows customers to use their existing bank's mobile and desktop app while the recipient chooses where it is delivered.
This open network provides customers with choice, convenience and security when making payments. Customers can send money from their already trusted banking application, on desktop or mobile, and let the recipient choose where they want the money to go, including some of the most popular payment networks. No more logging into multiple applications looking to find which one is the lowest common denominator for sender and recipient. No more moving money between apps or logging in to your bank account to check the balance just to transfer from another application. It's what customers want. It's that simple.
We chose Payrailz, a digital payments company, as our partner in launching this new payment network, which establishes a holistic approach to delivering personalized payments for consumers and businesses in a differentiated, cost-effective way. With the introduction of CHUCK™, financial institutions now have a choice when it comes to providing instant payment capabilities and no longer must settle for a more expensive, restrictive, and closed network.
"This is a network for community banks, by community banks. The first product we are launching is an innovative approach to peer-to-peer (P2P) payments. We have an extensive roadmap of applications that will provide community banks with the fast, flexible infrastructure they need to remain competitive over the long term."
Julie Thurlow, CEO of Reading Cooperative Bank, a $730M bank in Massachusetts that was instrumental in leading this effort, said, "This is a network for community banks, by community banks. The first product we are launching is an innovative approach to peer-to-peer (P2P) payments. We have an extensive roadmap of applications that will provide community banks with the fast, flexible infrastructure they need to remain competitive over the long term."
"We chose Payrailz not only because of their industry-leading technology but also because of their strategic and cultural alignment," says John Schulte, Chief Information Officer of Mercantile Bank of Michigan with $4.42B in assets headquartered in Grand Rapids.
"Community banks play an important role in our customers' lives," said Joel Westra, 1st Vice President at American State Bank, an Iowa-based bank with $1.11B in assets, "and that includes delivering the best digital experiences."
"Alloy Labs and Payrailz are working together to drive innovation and change for community banking and this partnership will help propel the industry forward," says Fran Duggan, CEO of Payrailz. "This partnership dispels the myth that community banks can't be tech-forward."
The CHUCK™ payment network will be made available to all U.S.-based banks.
Alloy Labs Alliance bank members participating in the launch of CHUCK™ are:
American Bank, NA, a $370M bank in Le Mars, IA
American State Bank, a $1.11B bank in Sioux Center, IA
Chesapeake Bank, a $1.34B bank in Kilmarnock, VA
Citizens & Northern Bank, a $2.22B bank in Wellsboro, PA
First Northern Bank, a $1.83B bank in Dixon, CA
Five Star Bank, a $5.6B bank in Warsaw, NY
Mercantile Bank of Michigan, a $4.42B bank in Grand Rapids, MI
Reading Co-Operative Bank, a $700M bank in Reading, MA
Savers Co-Operative Bank, a $652M bank in Southbridge, MA
Union Bank, a $1.1B bank in Morrisville, VT
Payrailz is a digital payments company offering advanced payment capabilities and experiences, including consumer and business bill pay, external and internal transfers, new account funding, P2P, B2B, B2C and other related solutions to banks and credit unions. Payrailz creates smarter payment experiences for the financial services industry that are predictive and more engaging than currently available alternatives. Financial institutions can confidently embrace Payrailz's API-first and cloud-native technology engine, to offer unique payment solutions to their consumers and businesses. Payrailz helps financial institutions meet the payment expectations of today and the payment innovation needs of tomorrow. For more information, visit payrailz.com.