Engagement banking company Backbase has partnered with cloud-based payments and money movement services firm Alacriti to offer instant payment solutions for financial institutions (FIs).

Through the collaboration, Alacriti will integrate its payments hub solution into the Backbase engagement banking platform.

The engagement with Alacriti will also enable Backbase’s clients to offer instant payment capabilities to their customers.

By utilising Alacriti’s Orbipay Payments Hub, Backbase will support end-to-end payment orchestration and processing through the RTP network, the FedNow Service, Visa Direct, Fedwire, and ACH payment rails.

Backbase senior vice president and general manager Sam Boggs III said: “Through this integration, we’re offering financial institutions the flexibility to evolve their Real-time payment offerings based on demand and specific use cases.

“Alacriti is the market leader in instant payments, and we’re thrilled to partner with them on this journey to support our customers’ long-term growth in a scalable manner.”

Besides, the partnership will help financial institutions to effectively respond to payment industry changes.

According to Backbase, Orbipay Payments Hub’s microservices-based architecture will equip financial institutions to address the demand for real-time payments.

It will result in the accelerated deployment of instant payments, reduced transaction costs, and centralised reporting across all payment rails and a better experience and more payment options for end users.

Furthermore, intelligent routing will make sure that payments are placed on the most cost-efficient rail at the required speed of the customer for each transaction.

Alacriti chief revenue officer Mike Davis said: “Combining Alacriti’s frictionless instant payments capabilities with Backbase’s best-in-class Engagement Banking Platform is a game changer for community banks and credit unions.

“Together, we’re enabling these FIs to seamlessly decouple from traditional core systems and embrace a more agile and scalable approach to innovation.”