With MOX Pay from Malauzai Software, community banks and credit unions will be able to offer their business customers apps that will enable them to accept payments via remote deposit capture (RDC). First to market an RDC-based payment solution, Malauzai sees it as a natural extension of RDC technology, and, in the words of Chief Product Officer Robb Gaynor, an easy way for “local merchants to go mobile.”
“If banks and credit unions don’t proactively serve these technology needs, local businesses will look elsewhere, such as lesser-quality online app builders,” Gaynor said. “This will cause financial institutions to miss a valuable opportunity to extend their relationships with small business customers.”
The Malauzai team pictured (left to right): CTO Danny Piangerelli; VP Craig Agulnek, product management; CPO Robb Gaynor demonstrated MOX Pay powered by Visual App Builder at FinovateSpring 2016.
Part of Malauzai’s Retail+ for Small Business Banking platform and demonstrated live at FinovateSpring in May, MOX Pay enables financial institutions to build mobile wallet apps for their business clients. Consumers can use the RDC technology in the apps to make payments by taking a photograph of a check, which also helps reduce the processing costs and potential mishandling of paper documents. Speaking of the hardware-free payment solution, Redding Bank of Commerce SVP and CIO Blake Pelletier said, “Consumers already understand RDC, so it’s an intuitive progression for them to use this functionality to make payments. Malauzai allows us to bring a service to the business community that currently no other financial institution in our area can provide.” Pelletier’s bank was one of the first to adopt the technology.
Founded in 2009 and based in Austin, Texas, Malauzai Software demonstrated MOX Pay at FinovateSpring 2016. The company announced a partnership with fellow Finovate alum Geezeo in April to add PFM tools to Malauzai’s SmartApps, as well as a deployment of the technology with six of Malauzai’s clients. Earning recognition from the FinXTech for its work with Somerset Trust Company in March, Malauzai has raised $24 million in funding, with its most recent raise an $11 million venture round in July 2015. The company includes Wellington Management and Live Oak Banking Company among its investors.