Southern Bank leverages PicturePay from Malauzai for digital payment service
With more than $2 billion in assets, US-based Southern Bank will leverage Malauzai Software’s Picture Pay to provide its customers with a new digital payment option, Photo Billpay, reports David Penn at Finovate (Banking Technology‘s sister company).
“Providing our customers with modern, digital payment tools is a priority for the bank,” states Sondra McCorquodale, SVP and alternative delivery channel manager at Southern Bank. She highlights the importance of giving customers “easy to use” self-service channels, and offering a variety of payment options as “key to providing a superior customer experience and in turn a significant competitive advantage”.
North Carolina-based Southern Bank, which has been a Malauzai partner for years, said that it has seen a 20% gain in customer usage of all digital payments and an increase of 38% in the average value of money movement transactions. Southern Bank has deployed a variety of additional money management features including remote deposit capture (RDC) and peer-to-peer (P2P) transfer.
“Mobile-based money movement features like PicturePay, RDC and P2P are growing in demand and popularity,” says Malauzai CPO Robb Gaynor. “Whatever we can do to help our customers like Southern Bank have access to the latest innovations and stay competitive, we fully support.”
Malauzai’s PicturePay technology was developed in collaboration with Allied Payment. The technology was designed to serve as a standalone mobile billpay solution that is mobile banking provider agnostic. The vendor says PictuePay is compatible with any core banking system or mobile platform and requires no technology integration.
Earlier this year, Somerset Trust extended its deployment of the MalauzaiOne digital banking platform to retail customers. Colorado’s Public Service Credit Union (PSCU), with more than $2.3 billion in assets, completed its rollout of MalauzaiOne in August.
Also, Malauzai collaborated with payment processing giant Vantiv to introduce a youth spending solution called Family Manager: SmartKid Control.
With more than $24 million in funding, Malauzai includes Wellington Management and Live Oak Banking Company among its investors. The company was founded by Danny Piangerelli (CTO) and Tom Shen (CEO and chairman) in 2009. It is headquartered in Austin, Texas, US.