We, at Neural Payments, are pleased to announce that we are officially Product complete! Several hurdles, long nights, and wrestling with some of the giants of the US payments industry later, we have officially implemented all of the baseline features and functionality that we felt would make us a differentiator in the market. Our goal is to help institutions grow their P2P footprint without unnecessary fees, disparate systems, or a limited network. We have now successfully combined 3rd party services with a network of Financial Institutions to create the largest P2P platform available, all to the benefit of the FI. We look forward to expanding on the initial feature set in order to further meet the needs of community banks and credit unions.
Along with being product complete, our initial pilot customer, One Nevada Credit Union, has completed all of our core test plans for both on- and off-network transactions and are currently finalizing back office testing. Additionally, we have been able to test several edge cases and outage scenarios to validate the resiliency of our system. Simplifying the back office and settlement process compared to other solutions in the market has always been a key goal for the product, so this a key milestone to finalize before signing off that the pilot is complete. One Nevada continues to be invaluable partners as we have been able to gather invaluable feedback on user experience, processes, and functionality.
“We’re excited to team up with Neural Payments in an effort to deliver a white-listed product that supports payments in the ways our members want to transact, with channel neutrality and without giving up our data and marketing footprints. The team understands payments and how to deliver forward-looking functionality to engage our member base.” - Steve O’Donnell, CFO at One Nevada Credit Union
We have also kicked things off with our second pilot customer and are actively working through several commercial agreements that represent up to 10% of the financial institutions in the US. Some of these agreements will allow us to finalize integrations into mobile banking providers, representing the final step of putting the product into the hands of cardholders. We could not be more thrilled with the growing excitement around the product and partnerships we are forming.
To end the year the engineering team was busy at work participating in Finastra’s Hack To The Future where we finished as Runner-ups in the Best Fintech category!
For our solution, we used the power of Finastra’s Fusion Fabric to enable a simplified integration into our platform. We tapped into existing services allowing us to pull financial institutions’ customer and account data, connecting a user to our network and allowing them to send and receive funds securely. All while remaining at or below market cost for a P2P transaction. We were also able to utilize the Good Funds API to debit and credit accounts in real-time, saving institutions valuable network fees.
This was especially exciting as Finastra is a key player in the FinTech space where they build and deploy innovative, next-generation technology on their open Fusion software architecture and cloud ecosystem. Their architecture allows for scalability and exposure to a large number of institutions ranging from global brands to community banks and credit unions.
Congratulations to Daniel Norton and AJ Taylor for the hard work and thank you for the long nights and early mornings!