Digital Federal Credit Union purchased the former Kronos headquarters in Chelmsford last month for $12.4 million. Brokers and economic development officials are promoting other office parks on the Route 129 corridor as redevelopment opportunities for housing, retail and hotels
The Connecticut-based fintech firm Payrailz has landed a big fish.
The company announced this morning that Marlborough-based Digital Federal Credit Union, the largest credit union in Massachusetts and a top 20 credit union nationwide with over $8 billion in assets, will now offer its full suite and platform of payment services to its customers.
Payrailz’s payments and money transfer solution aims to partner with small and regional banks and credit unions by using artificial intelligence to deliver insights about consumers’ billing and payment accounts to make paying the bills easier.
Through this partnership, DCU’s more than 700,000 members throughout the U.S. will have access to a single platform that provides a seamless member experience for bill pay, bill negotiation, P2P and A2A services delivered across all access points.
Half of DCU’s members do not use a DCU branch and access their accounts digitally, over the phone, at ATMs or at shared branch locations, further reinforcing DCU’s need for an innovative yet unified user experience.
“We value simplifying our member’s lives by providing the best services to them and creating the best experiences for the more than 500,000 digital payments and transfers that happen each month,” Gereen Langmeyer, manager of digital channels at DCU, said in a statement. “We are excited to partner with Payrailz because the company shares our goals of offering enhanced and innovative digital services backed by a strong service commitment through its breadth of member focused payments capabilities.”
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 payment needs and has built a powerful engine driven by predictive and proactive smart technology to create value added experiences.
“We are honored that Digital Federal Credit Union, the largest credit union in New England, has selected us as their payments service provider of choice to offer its vast member base a smarter and more engaging payments experience,” Fran Duggan, CEO of Payrailz, said in a statement. “DCU fully embraces the current and future needs of its members, and we eagerly wait to see it build on its already solid industry reputation by having yet another tool at its disposal to better serve its members.”
