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Payrailz Launches to Offer a Smart Approach to Payments for Financial Services Industry

Glastonbury, CT – Payrailz, a digital payments company offering advanced bill payment and money transfer solutions to banks and credit unions, announced today its official company launch. Payrailz was founded to help financial institutions succeed by offering a smarter, faster and more engaging payment experience that surpasses the current solutions available in the market. In addition, Payrailz will challenge the solutions offered by alternative payments providers currently trying to disrupt the industry.

Payrailz’s technology draws inspiration from other industries that have leveraged advancements in technology and artificial intelligence to meet the growing demand to automate tasks for users. Payrailz believes the industry is ready for a “do it for me” solution to better manage their payment and money transfer needs, and has built a powerful engine driven by smart technology to turn payments into an afterthought for consumers.

Payrailz’s intelligent and sophisticated technology is designed to propel financial institutions ahead of their competitors by proactively meeting consumers' needs and providing a unique online and mobile experience. According to Accenture’s 2016 North American Consumer Digital Payments Survey, “payment experiences must go beyond transactions to make emotional connections with consumers. This requires an understanding of how people think about money and innovating to deliver on expectations.” Payrailz solutions are powered by an artificial intelligence engine, a robust SDK and an easily adaptable UI/UX that allows a financial institution to adapt to consumers’ needs and make that emotional connection.

Joining the Payrailz team as CEO is industry veteran Fran Duggan. Duggan’s banking and fintech experience, specifically focused on payments technology, inspired him to reevaluate the industry’s outdated attitude to payments and create a solution that meets and exceeds the expectations of the existing “do it for me” digital world by leveraging advanced technology to managing money and payments.

Duggan has more than 30 years of experience in financial services and financial technology companies, most recently as CEO of Innoveera, a payments consultant firm, and prior to that the founder of Payveris, a bill payment start-up. He also served as a senior executive for 10 years at Webster Bank where he originated and oversaw the development of award-winning online banking and payment applications. As CEO of Payrailz, Duggan brings his experience as a payments entrepreneur and visionary with a successful track record of creating unique payment technology platforms and solutions for the financial services marketplace.

Payrailz is funded by well-established investors and financial organizations, with Live Oak Ventures acting as the lead investor.

“We are proud to partner with Fran and his team of experts to bring to market a disruptive payments solution that the industry sorely needs,” said James Mahan, CEO and chairman of Live Oak Bancshares. “Payrailz’s corporate philosophy and approach to payments will truly reinvent the way the banking and financial services industry approaches the payment experience.”

“Payrailz is engineering solutions that address the cultural need for technology to simplify our lives,” said Duggan. “Consumers today are growing to expect the same experience of convenience and simplicity from their financial institutions that they demand in all aspects of their lives, whether ordering food to be delivered to their homes or arranging to be driven across town. We are searching for new ways to let technology simplify daily transactions to a mere afterthought for consumers.”

Payrailz is a digital payments company offering advanced bill payment and money transfer solutions to banks and credit unions. In a society that more and more has become focused on a “do it for me” culture, Payrailz’s smart technology makes the difference. Payrailz creates smarter payment experiences for the financial services industry that are predictive and more engaging than currently available alternatives. Financial institutions can confidently embrace Payrailz’s cloud based technology engine, including AI, dynamic workflow, open data exchange, and a robust SDK to offer unique payment solutions to their customers. Payrailz helps FIs meet the payment expectations of today and the payment innovation needs of tomorrow. For more information, visit www.payrailz.com

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