U.K.-based global fintech firm Finastra announced new developments to its open banking platform, FusionFabric.cloud, that it said will accelerate innovation and partnership among financial institutions and fintechs in retail and payments. Finastra said these are the first apps built in collaboration with banks and credit unions to go live and include:

A real-time bill payment application from Fort Wayne, Ind.-based Allied Payment Network, in use at the $614 million El Monte, Calif.-based Certified Federal Credit Union (previously Vons Credit Union). The app immediately moves funds from the user's account, limiting risk to the credit union, and will soon allow an instant funds push to the biller for immediate confirmation of bill payment.
A personal automated savings tool from Atlanta-based Monotto. called RoboSave, which examines the way users spend money, calculating how much they would need in their safety net to take on life's emergencies. Using artificial intelligence, RoboSave determines how much consumers can save without affecting spending habits and automatically draws it into a personalized savings pot.

"Consumers today have so much choice in financial providers, which is driving financial institutions to find new ways to engage their clients and remain relevant. Allied Bill Payment puts the financial institution right at the center of a consumer's finances, allowing them to receive, store and pay their bills all in one place," Ralph Marcuccilli, founder and CEO at Allied Payment Network, said. "FusionFabric.cloud is a game-changer – it cut our development and integration time from 10 weeks to two days, bringing Allied Bill Payment to Certified Federal Credit Union."

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Credit Unions Add Real-Time Payments & Digital Documents

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