New capital will help expand operations as
they add additional strategic partners
AUSTIN,
Texas, Nov. 20, 2023 /PRNewswire/ --
AppBrilliance, the leading platform for real-time
Account-to-Account (A2A) payment acceptance, announced today that
it has closed a strategic investment from Truist Ventures, the
corporate venture capital arm of Truist Financial (NYSE: TFC).
Truist Ventures invests in Startup that
unlocks FedNow and RTP for Pay-by-Bank
The investment allows AppBrilliance to further develop it's IP
portfolio and expand its resources to support rapid growth and
interest from financial institutions and other strategic partners
looking to incorporate real-time payments (RTP) into their
Pay-by-Bank offerings.
AppBrilliance's groundbreaking MoneyAPI can reduce payment
processing costs by up to 75% compared to processing the same
transaction over debit or credit card rails. Their patented
platform plugs into any payment experience for instant
account-to-account payments over The Clearinghouse's RTP or FedNow
networks. It works alongside traditional payment rails and
simplifies the instant payment process while bypassing traditional
debit and credit networks. Built directly for banks and FinTech
partners offering Pay-By-Bank solutions, the Money API is the only
service that provides consumer-permissioned account control to
execute requests for payment that are secure and immune to
insufficient funds.
"We are thrilled to partner with the team at Truist Ventures,
who share our vision for the future of next-generation payments. By
combining Pay-by-Bank experiences with next-generation payment
rails like RTP and FedNow, we enable our partners to deliver
incredible user experiences from e-commerce to point-of-sale
(POS)," said C. Eric Smith, CEO and
Co-Founder of AppBrilliance. "This additional funding will fuel our
efforts to scale the MoneyAPI and collaborate closely with
forward-thinking financial institutions and other FinTech partners
as we enable the coming revolution in payments."
AppBrilliance's MoneyAPI creates a triple win that benefits
businesses, financial institutions and consumers alike. For
businesses, the platform integrates seamlessly into a brand's
existing A2A payment flow, ensuring brand consistency at checkout
while avoiding card acceptance fees, fraud and
chargebacks. The consumer's enriched payment experience can include
additional financial controls and loyalty programs. Financial
institutions benefit from the MoneyAPI security features and its
ability to seamlessly integrate existing investments in faster
payments capabilities that open new avenues for customer engagement
and value-added services.
"AppBrilliance has developed an innovative platform that
provides tangible benefits for businesses looking to reduce payment
acceptance costs," said Tarun Mehta,
Head of Corporate Development and Truist Ventures. "Money API can
reduce the user friction of real-time payments to a couple of
clicks and has strong potential to impact the digital payments
ecosystem. We look forward to working with them as they continue to
grow."
About AppBrilliance
Founded in 2016, AppBrilliance is a leading Account-to-Account
(A2A) Payments Platform revolutionizing digital transactions.
Backed by technology covered by multiple issued US Patents MoneyAPI
enables seamless integration of real-time payment (RTP) systems and
open banking protocols, allowing card-free, frictionless
transactions.
To learn more and see a demonstration of the technology in
action, please visit: appbrilliance.com
About Truist Ventures
Truist Ventures is the corporate venture capital arm of Truist
Financial Corporation (NYSE: TFC). Truist Ventures delivers touch
and technology to Truist clients through partnerships with and
investments in innovative companies and exceptional management
teams with novel solutions to help Truist shape the future of
finance. Truist Ventures' investment focus includes financial
technology, payments and money movement, and regtech. Learn more at
TruistVentures.com.
Media contact:
C. Eric Smith
eric@appbrilliance.com
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SOURCE AppBrilliance , Inc.