Alacriti and Lumin Digital Partner to Facilitate Loan Payments

Alacriti and Lumin Digital partnered to enable financial institutions to offer a seamless loan payment experience.

The collaboration includes the integration of Alacriti’s Orbipay loan payment solution with Lumin’s digital banking solutions, the companies said in a Thursday (July 11) press release.

“The flexibility and scalability of Alacriti’s platform allow us to provide our clients with robust payment options that meet the evolving needs of their account holders,” Ashley Weinke, product manager at Lumin Digital, said in the release.

The integration of the Orbipay EBPP billing and payments solution will allow account holders to pay their loans via payment methods like Apple Pay, Google Pay, ACH and card payments; payment channels like text and artificial intelligence chatbot; and payment options like one-time, recurring, guest pay and autopay, according to the release.

Later this year, the collaboration will also add real-time pay-by-bank capabilities, allowing account holders to send payments instantly via the RTP® Network and FedNow® Service rails, the release said.

“By integrating Orbipay money movement services with Lumin’s platform, we are providing financial institutions with a powerful tool to enhance their digital payment services,” Eric Kugle, senior director of strategic partnerships at Alacriti, said in the release.

The PYMNTS Intelligence report “Digital Bill Payments: Frequent Mobile Wallet Bill Pay Users the Most Satisfied” found that consumers face multiple pain points in the bill payment process, including security concerns, lack of features, inconvenience and cost.

Among the most common issues consumers faced were concerns about information security and authentication (about 25%), finding few payment options (11%) and the inability to make payments instantly (10%).

The report also found that 85% of consumers who used mobile wallet bill pay for more than five bills were very or extremely satisfied with the experience.

In a partnership announced in April 2023, Alacriti teamed up with Socure to prevent identity fraud in instant payments.

In that collaboration, financial institutions get access to Socure’s fraud prevention solution, which is fully integrated with Alacriti’s payments hub, Cosmos. The hub, which uses the Orbipay platform, lets financial institutions deliver modern money movement experiences to their customers while lowering operating costs and speeding time to market.