Payrailz®, a digital payments company offering smarter, more engaging payment experiences to banks and credit unions across the United States, announced that is has been selected by Purdue Federal Credit Union ($1B in assets) for payments services. Additionally, Purdue Federal is joining Payrailz’credit union service organization (CUSO), CU Railz®, as an investor.
Based in West Lafayette, Ind., Purdue Federal sought to provide their members, many of whom are students, alumni, faculty or staff of Purdue University, with the most innovative digital banking tools. Of these tools, the credit union wanted to ensure their members had access to payments services without the need to rely on other payment apps.
By joining CU Railz, Purdue Federal is investing in Payrailz’ vision and will help to shape the future of the payments experience. CU Railz was founded to enable credit unions to take control of their future by partnering with Payrailz to develop new, innovative technologies and services that will revolutionize the payments experience.As strategic partners, members of CU Railz will influence the development of new payment technologies and experiences, which is particularly important as they compete in the highly competitive banking environment. The credit union will participate in the CUSO’s board of directors to provide input into creating smart, engaging payments experiences.
“At Purdue Federal, we live out the credit union philosophy of ‘people helping people’ and in order to help our members, providing innovative payments capabilities is vital,” said Bob Falk, Purdue Federal President and CEO. “Purdue Federal and Payrailz have a shared vision to provide credit union members with payments solutions that meet their current and future needs to help set them up for financial success.”
Falk continued, “We are excited to join CU Railz and to have the opportunity to collaborate with others on the future of the payments experience for credit union members.”
Payrailz will provide Purdue Federal with bill pay and person to person (P2P) payment services, with plans to add account to account (A2A) payments in the future. Payrailz’ smart payment platform, PayWayz, will help Purdue Federal create a smart, simple and engaging payment experience for members. This will not only help make members lives easier but will assist the credit union in their goal of retaining members for years to come.
“Purdue Federal has a unique opportunity because of its university-focused membership. Having an innovative mobile payments strategy is important, especially with a membership base consisting of professors and students affiliated with the nearby university,” said Fran Duggan, CEO Payrailz. “Purdue Federal is a great example of how credit unions can and should put members first and adapt to their needs in order to retain members, and even grow.”