Allied Payment Network and Certified Federal Credit Union create real-time bill pay app
Monotto and another US financial institution use AI to automate savings
Lake Mary, FL, September 30, 2019 – Ahead of its Finastra Universe Community Markets event in Chicago, US, this week, Finastra has announced the launch of two new applications built on its FusionFabric.cloud open development platform. These are the first applications built in collaboration with banks and credit unions to go live and include a real-time bill payment application from Allied Payment Network, in use at Certified Federal Credit Union (previously Vons Credit Union), and a personal savings tool from Monotto.
“This is a significant milestone for our FusionFabric.cloud platform, which sees financial institutions starting to consume new applications. It also marks a revolution in how APIs can be harnessed to quickly build and deploy innovative new financial services solutions,” said Eli Rosner, Chief Product and Technology Officer, Finastra.
“Financial institutions can simply visit the Fusion Store, see which apps are integrated with their core system APIs, and rapidly onboard these technologies to better serve their customers with innovative offerings in record time. Fintechs, like Allied Payment Network and Monotto, benefit from the Fusion Store ability to market their solutions to a huge customer base through this marketplace and also from Fusion Creator, our open development environment with sandbox, for rapid application creation.”
The Allied Payment Network real-time bill pay solution is designed to help financial institutions retain and grow their customer base. Called Allied Bill Payment, the application has come to fruition having been built in conjunction with Certified Federal Credit Union. It immediately moves funds from the user’s bank account, limiting risk to the credit union, and will soon allow an instant funds push to the biller for immediate confirmation that the bill has been paid.
“Consumers today have so much choice in financial providers, which is driving financial institutions to find new ways to engage their clients and remain relevant. Allied Bill Payment puts the financial institution right at the center of a consumer’s finances, allowing them to receive, store and pay their bills all in one place,” said Ralph Marcuccilli, Founder and Chief Executive Officer at Allied Payment Network. “FusionFabric.cloud is a game-changer – it cut our development and integration time from 10 weeks to two days, bringing Allied Bill Payment to Certified Federal Credit Union. We are so excited to work with Finastra to bring Allied Bill Payment to their vast client base.”
"At Certified Federal Credit Union, we are committed to delivering a world-class level of service to our members that not only keeps pace with the big banks, but surpasses them in many ways" said James Tomasso, Vice President and CIO at Certified Federal Credit Union. "While we may lack the size and resources of the national providers, FusionFabric.cloud is allowing us to collaborate with other fintechs to exceed our members’ expectations with access to leading-edge innovation, and the ability to quickly adapt to future needs in this rapidly evolving technology landscape. Today, Finastra's platform model has allowed us to work with Allied Payment Network to quickly implement Allied Bill Payment, Allied’s real-time bill payment solution, exceeding the functionality that other institutions are able to provide."
Separately, Atlanta-based fintech, Monotto and its automated savings tool, RoboSave, looks at the way users spend money, calculating how much they would need in their safety net to take on life’s emergencies. Using artificial intelligence, RoboSave determines how much consumers can save without affecting spending habits and automatically draws it into a personalized savings pot.
Christian Ruppe, Co-Founder and CEO at Monotto said, “52% of Americans don’t have $400 set aside for an emergency. Our mission is to fix this. While old personal finance apps rely on users taking action, RoboSave uses AI to calculate what each consumer needs as a ‘safety net’; looks at how much each consumer can comfortably save; and then automatically moves funds into a savings pot. Integrating RoboSave to FusionFabric.cloud has significantly raised demand for our app and we have contracts out with several Finastra clients. The speed at which Finastra’s clients can onboard RoboSave is quicker than one week – pre-API revolution, this was just a dream.”
Sang Lee, Co-founder and Managing Partner at Aite Group said, “The move to platform is prevalent but hinges on buy-in from all industry players, with fintechs, banks and credit unions collaborating and consuming to create critical mass. These latest applications demonstrate this model in play and are reflective of a wider industry trend which sees platforms gaining pace.”
Based on Microsoft Azure, the award-winning FusionFabric.cloud was recently named ‘best cloud platform’ by industry experts and is gaining significant traction in the market. Fintechs wanting to join the platform can visit FusionFabric.cloud to check out the API catalog and register to begin development. Financial institutions interested in the new apps can visit the Fusion Store to learn more.
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