Today In Digital-First Banking: Paya To Buy The Payment Group; Purdue Federal Credit Union Taps Payrailz For Payment Services
In today’s top news in digital-first banking, digital payment processor Paya has come to an arrangement to purchase The Payment Group (TPG), and Purdue Federal Credit Union has tapped digital payment experience provider Payrailz for payment services. Plus, Onyx CenterSource has launched a virtual card designed for hospitality and travel clients.
Paya has inked a deal to buy The Payment Group (TPG). Terms of the arrangement were not made public. TPG of Texas offers payment solutions to over 600 utility firms and governments. The announcement came after Paya’s decision to go public via a merger with special-purpose acquisition company (SPAC) FinTech Acquisition Corp. III. The combined firm will remain the Paya brand have a NASDAQ listing under “PAYA.”
Purdue Federal Credit Union has selected Payrailz for payments services. Purdue Federal is also joining CU Railz, Payrailz’s credit union service organization (CUSO), as a backer. Payrailz will provide Purdue Federal with person-to-person (P2P) payment offerings with plans to offer account-to-account (A2A) payments at another time. A large share of Purdue Federal’s members are students, alumni, faculty or staff of Purdue University.
Onyx CenterSource has rolled out a virtual card meant for travel and hospitality customers. An executive for the company said per reports that virtual cards are a method of helping to stop fraud, with the capacity for virtual payments to occur without bank data being traded. The other benefits include the ability to eliminate some overhead costs, lessen the time it takes to pay or days in accounts receivable and to accommodate new business processes that don’t utilize hardcopy checks.
The Federal Reserve Board took the first measure in the direction of revamping the rules that impact lending by banks in economically challenged regions. Its governors voted to garner public input for four months into ways the Community Reinvestment Act could be revised to contemplate changes in the banking system.