NAPERVILLE, Ill.–Calling it a “step that expands its ability to offer market-leading payment innovations,” Alloya Corporate FCU said it has entered into a partnership with Cincinnati-based Neural Payments.
Through the partnership, Alloya said it will offer the Neural Payments’ integrated peer-to-peer (P2P) payment solutions to credit unions.
“With Neural Payments, natural person members will be able to take advantage of the white-label P2P payments platform completely embedded within their credit union's digital banking solution, offering a seamless, credit union-branded experience,” Alloya Corporate said.
Alloya said it evaluated several P2P solutions, choosing Neural Payments for its “user-friendly, app-free experience that circumvents the need to create additional accounts and brings funds back from uninsured third-party digital wallets.”
Recapturing Lost Deposits
By providing P2P right within the digital banking app, credit unions can recapture deposits currently lost to outside digital wallets consumers use for third-party P2P platforms, Alloya Corporate continued, adding Neural Payments brings those transactions and deposits back to credit unions, “where they belong.”
According to Alloya Corporate, Neural Payments was also the “clear choice” due to its fraud controls, which it said “reduce touchpoints for potential exploitation and give credit unions more autonomy with a rules-based fraud engine.”
Neural Payments also offers a white label features, it added, allowing CUs to keep their branding at the forefront.
‘Months of Anticipation’
“After months of anticipation, Alloya is proud to formally announce our partnership with Neural Payments,” said SVP-Payments Kurt Stevenson of Alloya. “It’s through this partnership that Alloya is now equipped to deliver not just any P2P solution to credit unions, but one that truly streamlines the member’s experience while strengthening their relationship with their credit union. This technology is unrivaled and disruptive – to the benefit of credit unions.”
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