Backbase and Alacriti: A New Innovative Partnership
In the rapidly evolving financial landscape, a groundbreaking partnership between Backbase, the global leader in engagement banking, and Alacriti, an innovator in cloud-based payments and money movement services, is set to revolutionise how financial institutions offer payment solutions. This collaboration introduces instant payment capabilities into the Backbase Engagement Banking Platform, leveraging Alacriti’s Orbipay Payments Hub. The integration promises to streamline operations, reduce costs, and, most importantly, enhance the customer experience by providing a seamless, real-time payment service.
At the heart of this partnership is a shared vision to empower financial institutions (FIs) to navigate the shifting dynamics of the payments industry with agility and foresight. With the advent of new messaging standards like ISO 20022 and services like the FedNow Service, the banking sector stands on the cusp of a digital transformation. The Orbipay Payments Hub’s microservices-based architecture is a beacon of innovation, enabling FIs to meet the burgeoning demand for real-time payments while harmoniously integrating with legacy systems and traditional payment rails.
Empowering Financial Institutions
Sam Boggs III, Manager Director at Backbase, encapsulates the essence of this collaboration, highlighting the commitment to providing FIs with the flexibility to adapt their real-time payment offerings to meet market demand and specific use cases. This partnership is not just about technological integration; it’s about redefining the future of financial transactions, making instant payments accessible to all, from large banks to community banks and credit unions.
Transformative Potential
Mike Davis, Chief Revenue Officer at Alacriti, remarks on the transformative potential of combining Alacriti’s instant payment capabilities with Backbase’s robust engagement banking platform. This synergy is poised to dismantle the traditional barriers faced by FIs, offering them a pathway to agile and scalable innovation. The partnership stands as a testament to the power of collaboration in driving digital transformation, emphasising a progressive approach to modernisation that resonates with the needs of today’s digital-savvy customers.
Broadening the Impact
Erika Baumann, Research Director at Datos Insights, sheds light on the broader impact of this partnership, underscoring the critical role of real-time payments for small businesses serviced by community banks and credit unions. The alliance between Backbase and Alacriti emerges as a beacon of hope for FIs of all sizes, offering them the tools to compete effectively in the digital arena and focus on modernising their payment capabilities for their clients.
Game-Changing Integration
Integrating Alacriti’s Orbipay Payments Hub into the Backbase Engagement Banking Platform is a game-changer for the financial sector. It offers a “grow-as-you-go” model, allowing FIs to adopt new payment rails at their own pace, in alignment with their business needs and budgetary constraints. Intelligent routing ensures that payments are processed on the most cost-efficient rail, delivering speed and efficiency for each transaction. This strategic partnership not only simplifies the payment process but also enriches the customer experience, offering various payment options that cater to the dynamic needs of today’s consumers.
A Narrative of Progress
Beyond the technological advancements and strategic benefits, this partnership carries an emotional weight, reflecting a deep commitment to inclusivity and accessibility in the financial sector. It is a narrative of progress, a journey towards a future where every financial institution, regardless of size, can offer cutting-edge payment solutions to its customers. It is a story of empowerment, enabling businesses and individuals to thrive in the digital economy.
As we stand on the brink of this new era in banking, the collaboration between Backbase and Alacriti is more than just a partnership; it is a catalyst for change, driving the industry towards a more inclusive, efficient, and customer-centric future. This alliance is not merely about adapting to change; it’s about leading it, demonstrating that when innovation meets collaboration, the possibilities are limitless. In the words of those at the helm of this transformation, this partnership is not just about keeping pace with the evolving payments landscape; it’s about shaping it, ensuring that every transaction not only meets the needs of the present but also lays the groundwork for the future of banking.
