The integration of Alacriti's payments hub solution into the Backbase Engagement Banking Platform will enable Backbase clients to offer instant payment functionalities to their customers. Leveraging Alacriti's Orbipay Payments Hub, Backbase aims to facilitate end-to-end payment orchestration and processing across various payment networks including the RTP network, the FedNow Service, Visa Direct, Fedwire, and ACH payment rails.
This partnership aims to equip financial institutions to effectively navigate changes in the payments industry, such as the evolution of ISO 20022 messaging standards and the introduction of the FedNow Service. The microservices-based architecture of Orbipay Payments Hub enables FIs to meet the increasing demand for real-time payments while managing payments through legacy systems and older rails. The anticipated outcomes include expedited deployment of instant payments, lowered transaction costs, centralised reporting across all payment rails, and a better user experience with a more generous range of payment options.
According to officials from Backbase, the collaboration with Alacriti aligns with Backbase’s strategy of providing multiple money movement solutions across retail and business segments through its Fintech-as-a-Service programme. They also highlighted the flexibility offered to financial institutions to evolve their real-time payment offerings based on demand and specific use cases.
The addition of Alacriti’s Orbipay Payments Hub to the Backbase Engagement Banking Platform introduces a flexible adoption model for financial institutions, allowing them to integrate payment rails according to their business needs and budgets. Intelligent routing mechanisms ensure that payments are routed through the most cost-efficient rail at the required speed for each transaction.
In the company press release, representatives from Alacriti emphasised the significance of mixing Alacriti's instant payments capabilities with Backbase's Engagement Banking Platform, particularly for community banks and credit unions. This collaboration allows FIs to transition from traditional core systems to a more agile and scalable approach to innovation, in line with Backbase's commitment to progressive modernisation.
Representatives from Datos Insights talked about the accessibility of real-time payments for small businesses serviced by community banks and credit unions. The partnership between Backbase and Alacriti exemplifies how financial institutions of all sizes can access robust capabilities to improve competitiveness and focus on modern payment offerings for their clients.
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