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AppBrilliance Inc., a provider of real-time payments, has partnered with digital-wallet solutions provider Wallet Factory to enable real-time payments on Wallet Factory’s platform.
Wallet Factory will use AppBrilliance’s Money API to enable payments on closed-loop digital wallets via The Clearing House’s RTP and the Federal Reserve’s FedNow networks. AppBrilliance launched its real-time payments offering for closed-loop digital wallets in August.
Enabling instant payments will further differentiate Wallet Factory’s platform by enabling merchants to offer what is said to be a lower-cost payment alternative to the card networks and by helping to reduce fraud as funds are moved directly from a consumer’s bank account.
In addition, merchants can use Wallet Factory’s loyalty tools and other features, such as a marketplace, to try to engage customers through personalized rewards and promotional campaigns embedded within the digital wallet. Wallet Factory’s loyalty program allows merchants to set up gamified loyalty programs that use game-like elements to engage customers and encourage participation.
“Making real-time payments broadly available in merchant wallets helps make them a default experience for pay-by-bank and account-based payments, ultimately replacing ACH where available with instant, low cost, good-funds transactions,” an AppBrilliance spokesperson says by email.
Founded in 2016, AppBrilliance is backed by Truist Ventures, which is the corporate venture-capital arm of Truist Financial.
