Payrailz, a digital payments company that services banks and credit unions, has received investment from SunTrust Banks. Details about the investment were not revealed.
The payment firm’s existing backers include First Data, Live Oak Ventures, Woodforest National Bank, Webster Bank as well as TTV Capital.
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The backers have pledged to support the payment firm’s strategy to develop “do it for me” payment experiences utilising AI, open APIs and cloud infrastructure.
Touted as early adopters of industry changes, these firms will serve as key advisers to Payrailz’s initiatives.
Payrailz CEO Fran Duggan said: “The backing of an industry leading and innovative bank such as SunTrust is evidence that the market is ready to embrace a smarter and more engaging payments solution.
“We are excited to have SunTrust join our investor group to help us transform the digital banking experience from within the industry.”
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By GlobalDataPayrailz said that its technology offers financial firms payment experiences that are more predictive and engaging payments compared to peers.
“Beyond typical payment companies, the company’s technology bridges the gap between tech-enabled consumers’ expectations and the traditional approach to payments through digital channels,” the vendor said in a statement.
