The partnership will enable financial institutions that use Arya, and especially retail account holders, to view billing information and transact payments with specified delivery times, including immediate, same day, next day, or on a pre-determined future date. Automated and recurring payments can also be scheduled. Business and commercial account holders will benefit from advanced automation tools to streamline processes including establishing user entitlements, viewing billing information, as well as invoice payments to their business partners or other payees.
Arya is said to be a fully integrated digital banking platform, combining both mobile banking and digital banking within a unified system. By streamlining multiple banking channels under a single access point, Arya provides financial institutions a single access point to view data.
Payrailz’s technology draws inspiration from other industries that have leveraged advancements in technology and artificial intelligence to meet the demand to automate tasks for users. According to a study from Javelin, banks and credit unions are the first place that most consumers turn to for transacting bill payments, facilitating USD 3.5 trillion in payments for several bills, including USD 442 billion that is transacted via smartphones and tablets.
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