NAPERVILLE, Ill.—Alloya’s new peer-to-peer (P2P) payment solution has been named the winner of the Innovations in Payments award as part of the annual Innovation Series presented by CreditUnions.com and Callahan & Associates.
Competing alongside three other finalists in the payments category, Alloya’s P2P innovation was developed in partnership with two fintech companies, Neural Payments and Prizeout, showcasing the power of cooperation, a core value of the credit union movement.
‘Honor to Present’
“It was an honor to present this innovative P2P solution on behalf of Alloya and our partners at Neural Payments and Prizeout,” Jim Schneck, chief strategy and innovation officer at Alloya Corporate FCU, said in a statement. “Together, we have created a truly innovative P2P solution that supports the success of not only credit unions, but also the satisfaction of their members and the friends and family of their members.”
“In recent years, Alloya has piloted a variety of P2P solutions in search of one that would deliver exceptional value at an affordable cost while enhancing the credit union’s relationship with its members and reducing the likelihood of fraud,” the corporate said. “Schneck was instrumental in identifying Neural Payments as the ideal solution for Alloya’s credit union members and later developing a relationship with the Neural Payments leadership team. In his search for a P2P solution, Jim also identified Prizeout and saw opportunity there, too.”
Also Offering Comment
Others offering comment included:
- “By leveraging our payments engine for P2P, Alloya’s credit unions can recapture deposits, grow their markets, enhance security, and boost loyalty and brand awareness while delivering a white-labeled experience that frees members from having to coordinate third-party P2P apps with payment recipients. It is a game changer for consumers and credit unions alike.” –Mick Oppy, CEO of Neural Payments
- “At Prizeout, we are all about disruption and empowerment. Our products help credit unions stay innovative and earn more non-interest income, while simultaneously helping members stretch their dollar further. Working with Alloya on their P2P offering has been a fantastic experience and we’re thrilled to be part of a solution with Neural Payments that can help credit unions stay competitive and help people increase their purchasing power, while simultaneously helping members put money back into their pockets.” – said Founder and CEO of Prizeout David Metz.
The Finalists
According to the company, during the competition a group of suppliers were chosen as finalists within each category, with the opportunity to pitch their solution in 10 minutes to an audience of credit union decision-makers. Winners were selected by attendees of each webinar.
In the payments category, Alloya competed against CU NextGen, SpenDebt and Tyfone, Inc. in a webinar. Winners of the other categories include: Datava for “Innovations in Member Analytics”; Illuma for “Innovations in Fraud”; Open Lending for “Innovations in Lending”; and Glia for “Innovations in Member Experience”.
For info: www.alloyacorp.org/P2P-simplified.