As the payments landscape has evolved in the last few years, Alloya recognized the need to find a peer-to-peer (P2P) payment solution for credit unions unlike the rest. One that would strengthen member relationships rather than outsource them. One that would mitigate fraud losses rather than encourage them. One that would allow consumers more convenience, more control, more security and, most importantly, more value.
In partnership with Neural Payments and Prizeout, Alloya has done just that. Together, we have brought an unparalleled P2P solution to the marketplace for credit unions as a brand-new, integrated product set – an innovative member-facing solution that can’t be accessed anywhere but Alloya.
About Alloya’s P2P Solution
Alloya’s P2P solution leverages a new payments engine created by Neural Payments to move money on traditional rails, modern fintech and real-time payment systems. Unlike traditional P2P solutions, Alloya’s P2P solution makes it easier for users to send and receive money regardless of the recipient’s app(s). No longer are consumers tasked with asking, “Do you have Venmo?” or “Do you use Zelle?” The solution empowers credit unions to offer P2P payments directly within their digital banking platform, so members can send money effortlessly and receivers have the power to choose where they want their money to go. In addition, the proprietary rules-based fraud engine makes the credit union the gatekeeper of the solution, stopping suspicious payments before they’re even sent.
In the age of inflation, consumers want value. Utilizing their proprietary technology, the minds at Prizeout have launched a solution that gives consumers more purchasing power. When recipients of a P2P payment elect to take their funds via Prizeout, they can choose a digital gift card with an added bonus from thousands of participating merchants. The merchant provides the consumer with bonus values as high as 20% on their withdrawn money, while also paying the credit union a percentage of the card value. For retailers, this fuels customer acquisition at a lower cost, retention and loyalty. For credit unions, this generates incremental income each time a gift card is redeemed. For members, this allows them to maximize their purchasing power on received funds.
These solutions offer tremendous value independently
but deliver even greater value as a combination.
It’s simple. Your members no longer need to concern themselves with their recipients’ preferred payment channel. With Alloya’s solution, receivers always have the power to choose where they want their money to go without having to download an app or register an account. Plus, by eliminating these steps, it eliminates a variety of vulnerable touchpoints that fraudsters frequently exploit.
It gives peace of mind. P2P payments are sent through your credit union’s existing digital banking app, a familiar interface that your members trust. To select a payment recipient, the member simply chooses from their phone’s contacts list, then creates an email or text message – ensuring the payment always goes to the intended person.
It strengthens relationships. Your members’ P2P payment recipients gain the ability to choose how they want to receive their money. When recipients of a P2P payment elect to take their funds via Prizeout, they can choose a digital gift card with an added bonus from thousands of participating merchants. The merchant provides the consumer with bonus values as high as 20% on their withdrawn money. That means a member’s $100 P2P payment could be withdrawn by their recipient as $120 in gift card funds, with premiums funded entirely by the merchant.
It offers freedom. Upon receipt of a P2P payment, the recipient can choose how they want to receive their funds: directly to their debit card, in the form of a digital gift card, or instantly into their credit union or bank account.
It boosts purchasing power. With the option to withdraw P2P funds as a digital gift card, the value of that P2P payment grows. With bonus offers reaching up to 20%, funded entirely by participating merchants, consumers not only have the ability to stretch their dollar further but can do it effortlessly through day-to-day transactions with family and friends. With bonus offers as high as 20%, $100 becomes $120; $500 becomes $600!
It makes life easier. The recipient can choose to have their funds directly deposited to their debit card, so there’s no need to worry about moving money between third-party digital wallets.
It’s a differentiator. With Alloya’s solution, your credit union stands out from the crowd, offering your members a unique, superior solution that exceeds expectations and outperforms app-based, closed-network solutions offered by most banks or other credit unions.
It has everyday relevance. Alloya’s solution embeds the P2P experience into your digital banking platform, empowering your credit union to become deeply involved in the everyday payment activities of your members, such as the morning coffee run or paying the babysitter; not just milestone transactions like securing a mortgage or auto loan. This helps keep your credit union top of mind if and when those big life events come along.
It’s well protected. The advanced fraud rules engine of Alloya’s solution lets your credit union define which activities to monitor, quantifies them and then applies actions to each of those situations. This stops fraud before it happens, going well beyond the generic and repetitive “Are you sure?” messages seen in competitors’ apps. In addition, since Alloya’s solution skirts the need to download an app or register an account, it eliminates a frequent point of exploitation for fraudsters.
It’s safe. Alloya’s solution ensures your members’ money is no longer left on deposit in uninsured third-party digital wallets. Instead, member deposits can return to the safety of your credit union, which can also offset liquidity challenges.
It grows membership. White-label capabilities enable every credit union to easily customize the member experience and user interface. The sender enters your credit union’s digital banking app to initiate the payment, strengthening their connection to your credit union. The recipient gains exposure to your credit union branding upon receipt of the payment, opening doors for membership growth.
It generates revenue. When P2P recipients choose to withdraw their payment in the form of a digital gift card, that gift card generates incremental income for your credit union with each redemption.
It’s affordable. Unlike Zelle, Alloya’s solution is far more cost-effective for credit unions of varying asset sizes.
Let's face it...
Traditional P2P solutions can be a serious hassle. Ever been in a situation like this?
P2P should be pain-free...
“Do you have change for a $20?” “What app do you use?” Moving money shouldn’t come with so many questions.
...with perks on perks for all parties!
Yep, there’s something for everyone to gain. Still skeptical? Let’s see just how easy it is…
Ready to learn more?
Our job is to make your job easier.