AppBrilliance – a leading platform for real-time Account-to-Account (A2A) payment acceptance – recently announced that it has closed a strategic investment from Truist Ventures (the corporate venture capital arm of Truist Financial).
This investment enables AppBrilliance to develop it’s IP portfolio further and expand its resources to support rapid growth and interest from financial institutions and other strategic partners looking to incorporate real-time payments (RTP) into their Pay-by-Bank offerings.
The MoneyAPI from AppBrilliance enables RTP and FedNow real-time payments for Pay-By-Bank – offering an alternative to ACH. And AppBrilliance’s groundbreaking MoneyAPI can reduce payment processing costs by up to 75% compared to processing the same transaction over debit or credit card rails.
The patented platform plugs into any payment experience for instant account-to-account payments over The Clearinghouse’s RTP or FedNow networks. And it works along with traditional payment rails and simplifies the instant payment process while bypassing traditional debit and credit networks.
Built directly for banks and FinTech partners offering Pay-By-Bank solutions, the Money API is the only service that offers consumer-permission account control to execute payment requests that are secure and immune to insufficient funds.
AppBrilliance’s MoneyAPI offers a triple win that benefits businesses, financial institutions, and consumers. And for businesses, the platform integrates seamlessly into a brand’s existing A2A payment flow, ensuring brand consistency at checkout while avoiding card acceptance fees, fraud, and chargebacks.
The consumer’s enriched payment experience could include additional financial controls and loyalty programs. And financial institutions benefit from the MoneyAPI security features and its ability to seamlessly integrate existing investments in faster payment capabilities that open new avenues for customer engagement and value-added services.
KEY QUOTES:
“We are thrilled to partner with the team at Truist Ventures, who share our vision for the future of next-generation payments. By combining Pay-by-Bank experiences with next-generation payment rails like RTP and FedNow, we enable our partners to deliver incredible user experiences from e-commerce to point-of-sale (POS). This additional funding will fuel our efforts to scale the MoneyAPI and collaborate closely with forward-thinking financial institutions and other FinTech partners as we enable the coming revolution in payments.”
— C. Eric Smith, CEO and Co-Founder of AppBrilliance
“AppBrilliance has developed an innovative platform that provides tangible benefits for businesses looking to reduce payment acceptance costs. Money API can reduce the user friction of real-time payments to a couple of clicks and has strong potential to impact the digital payments ecosystem. We look forward to working with them as they continue to grow.”
— Tarun Mehta, Head of Corporate Development and Truist Ventures
