Alkami and SWIVEL Partner to Provide Financial Institutions with Improved Payments Functionality
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Insights
The partnership between Alkami and SWIVEL introduces a significant enhancement in the digital banking ecosystem, specifically in the domain of loan payment processing. From a fintech perspective, the integration of SWIVEL's Transaction Enablement Platform™ with Alkami's digital banking solutions represents a strategic move to address the growing consumer demand for convenience and flexibility in financial transactions.
Financial institutions are continuously seeking to reduce operational costs and improve customer satisfaction. The reduction of call center volume due to a self-serve loan payment portal can lead to substantial cost savings and a more streamlined payment process. Moreover, the ability to settle all payment channels through a single source could simplify reconciliation processes and reduce errors, contributing to operational efficiency.
The emphasis on security and adherence to network rules and card guidelines is also noteworthy. In an era where cybersecurity threats are rampant, providing a secure transaction environment is essential to maintain customer trust and comply with regulatory standards. SWIVEL's unusual activity monitoring service adds an extra layer of security, potentially preventing financial fraud.
Alkami's partnership with SWIVEL is likely to impact customer retention and acquisition strategies for their financial institution clients. The ability to offer a flexible and efficient loan payment experience is a key competitive advantage in the crowded digital banking market. A white-labeled loan payment portal that is optimized for web and mobile use enhances the user experience and aligns with the increasing trend of mobile banking usage.
Furthermore, the integration may lead to increased payment volume and adoption, which could translate into higher transaction fee revenue for the involved financial institutions. The convenience of a self-serve payment experience can drive customer engagement and loyalty, which are critical factors for the growth and sustainability of financial services in the digital age.
From an operational standpoint, the partnership between Alkami and SWIVEL addresses two main challenges faced by banks and credit unions: the need for integrated payment solutions and the demand for user-friendly interfaces. By leveraging SWIVEL's capabilities, Alkami's clients can potentially reduce the complexity associated with managing multiple payment channels and vendors.
The single sign-on feature simplifies the user experience, thereby reducing the learning curve for new account holders and increasing adoption rates. This seamless integration could also lead to fewer errors and disputes, which are often a source of customer dissatisfaction and increased operational workload.
It's important to note that while the partnership presents several benefits, financial institutions must also consider the costs associated with implementing and maintaining the new platform. They must evaluate whether the expected increase in efficiency and customer satisfaction will justify the investment.
SWIVEL's Transaction Enablement Platform™ enables Alkami's clients to provide a seamless, self-serve loan payment experience to their account holders
"Today, many financial institutions suffer from a lack of payment options for consumers to pay loans and a lack of integration with client systems," said Jason O'Brien, chief executive officer at SWIVEL. "We are excited to partner with Alkami to help alleviate these challenges for their financial institution clients, enabling them to provide a payment experience for account holders that is convenient, and in a self-serve manner with their choice of payment methods and types."
SWIVEL's Payments Processing solution offers financial institutions a convenient and efficient way to originate, track and process automated clearing house (ACH) and card-based payments. As a result of this partnership, Alkami's financial institution clients can benefit from:
- A flexible, self-serve payment experience, allowing users to make loan payments with their choice of payment methods and types
- Reduced call center volume associated with payments processing, leading to increased payment volume and adoption
- Settlement of all payment channels through a single source, posting payments directly to the loan
- A fully responsive, white-labeled loan payment portal, optimized for web and mobile
- Assurance that all payments are processed in adherence with network rules and card guidelines
- Secure and reliable loan payment transactions, backed by SWIVEL's complimentary unusual activity monitoring service.
"Our partnership with SWIVEL means that we can continue to offer our bank and credit union clients more choices, speed and flexibility when it comes to payment options for their account holders – a benefit that we know end consumers are increasingly coming to expect," said Jeff Chen, vice president, product management at Alkami. "Our work with SWIVEL also highlights Alkami's commitment to actively partnering with innovative fintech companies that many of our clients and prospects already use and prefer, making financial institutions' back-end experience even more seamless."
About Alkami
Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in
About SWIVEL
SWIVEL is a financial technology and services company providing specialized, integrated transaction enablement solutions that remove friction for account holders, borrowers, and departments across financial institutions, as well as collections agencies and offices, while also mitigating risks associated with payments processing in the digital environment and moving funds in digital domains. The company is a wholly owned subsidiary of SWBC, headquartered in
Media Relations Contacts
Vested
alkami@fullyvested.com
Marla Pieton
marla.pieton@alkami.com
Lisa Pinto
lpinto@swbc.com
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SOURCE Alkami Technology, Inc.
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