Glastonbury, Conn. -based Payrailz, a digital payments companyoffering advanced bill payment and money transfer solutions tocredit unions and banks, announced its official company launch.

Payrailz believes the industry is ready for a “do it for me”solution to better manage payment and money transfer needs, and hasbuilt a powerful engine driven by smart technology to turn paymentsinto an afterthought for consumers.

The Payrailz idea centers around financial institutionssucceeding by offering a smarter, faster and more engaging paymentexperience that surpasses the current solutions available inthe market. In addition, Payrailz challenges solutionsoffered by alternative payments providers currently trying todisrupt the industry.

“We want to provide credit union members the ability to paytheir bills for them, set up the payments they need. And we'redoing that based on payments they're already making. As you knowcredit unions have a wealth of data about what their consumers do:who they pay, when they pay, how often they pay,” Payrailz CEO FranDuggan said. He added, “Why not leverage what that members aredoing, when they're interacting online. This is where you leverageall that AI stuff and put it to use. We make life simpler. Helpthem control and manage their finances and their money.”

Payrailz draws from other industries that leverage advancementsin technology and artificial intelligence to meet the growingdemand to automate tasks for users. It claims its intelligent andsophisticated technology’s design aims to proactively meetconsumers' needs and provide a unique online and mobileexperience.

Powering Payrailz solutions are an artificial intelligence engine, a robust SDKand an adaptable UI/UX that allows financial institutions to adaptto consumers’ needs and make emotional connections. Funding of thefinancial technology firm comes from well-established investors andfinancial organizations, with Live Oak Ventures acting as the leadinvestor.

“We are proud to partner with Fran and his team of experts tobring to market a disruptive payments solution that the industrysorely needs. Payrailz’ corporate philosophy and approach topayments will truly reinvent the way the banking and financialservices industry approaches the payment experience.” James Mahan,CEO and chairman of Live Oak Bancshares. said

“Payrailz is engineering solutions that address the culturalneed for technology to simplify our lives,” Duggan said. “Consumerstoday are growing to expect the same experience of convenience andsimplicity from their financial institutions that they demand inall aspects of their lives, whether ordering food to be deliveredto their homes or arranging to be driven across town. We aresearching for new ways to let technology simplify dailytransactions to a mere afterthought for consumers.”