With more than $2 billion in total assets, North Carolina’s Southern Bank will leverage its deployment of Malauzai’s Picture Pay to provide its customers with a new digital payment option: Photo Billpay.
“Providing our customers with modern, digital payment tools is a priority for the bank,” Sondra McCorquodale, SVP and alternative delivery channel manager at Southern Bank said. McCorquodale highlighted 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.”
Southern Bank, which has been a Malauzai partner for years, said that it has seen a 20 percent gain in customer usage of all digital payments and an increase of 38 percent 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 P2P transfer.
“Mobile-based money movement features like PicturePay, RDC, A2A, and P2P are growing in demand and popularity,” Malauzai CPO Robb Gaynor said, “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 stand-alone mobile billpay solution that is mobile banking provider agnostic. PictuePay is compatible with any core banking system or mobile platform and requires no technology integration.
“The simplicity of Picture Pay makes it ideal as a stand-alone application that runs separately from a bank or credit union’s current mobile banking app,” Allied Payment Network president Ralph Marcuccilli said. “We have received a tremendous response to the Picture Pay product offering and wanted to accommodate these institutions quickly without waiting for other mobile vendors to develop their own product.”
Founded in 2009 and headquartered in Austin, Texas, Malauzai Software demonstrated its Conversational Banking for Businesses solution at FinovateFall 2017. Also this fall, the company announced that Somerset Trust would extend 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. And earlier this year, the company 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 of the Board).