Payrailz, a provider of digital bill payment and money transfer products for banks and credit unions, has formally commenced business.
The fintech startup is being funded by various investors and financial organisations, with Live Oak Ventures acting as the lead investor.
The Connecticut-based firm said it seeks to enable financial institutions succeed by providing them a smarter, faster and more engaging payment experience that exceeds the products available.
Fran Duggan, who has worked over 30 years in financial services and financial technology companies, has been named as the CEO the company.
Most recently, he served as the CEO of Innoveera, a payments consultant firm, and before that the founder of bill payment start-up, Payveris.
Live Oak Bancshares CEO and chairman James Mahan said: “We are proud to partner with Fran and his team of experts to bring to market a disruptive payments solution that the industry sorely needs.
“Payrailz’s corporate philosophy and approach to payments will truly reinvent the way the banking and financial services industry approaches the payment experience.”