AppBrilliance, a pioneering platform for real-time Account-to-Account (A2A) payment acceptance, has closed a strategic investment round led by Truist Ventures.
The investment will be instrumental in AppBrilliance’s mission to further develop its intellectual property (IP) portfolio, bolster resources, and support its exponential growth.
The company has been witnessing increased interest from financial institutions and strategic partners eager to integrate real-time payments (RTP) into their Pay-by-Bank offerings.
AppBrilliance’s MoneyAPI stands as a game-changer in payment processing, potentially reducing costs by up to 75% compared to debit or credit card rails. The platform seamlessly integrates into payment experiences, facilitating instant account-to-account payments over The Clearinghouse’s RTP or FedNow networks.
For businesses the solution offers seamless integration into existing A2A payment flows, reducing card acceptance fees, fraud, and chargebacks while ensuring a consistent brand experience at checkout.
Consumers will benefit from enhanced payment experiences with added financial controls and loyalty programs. Financial institutions, on the other hand, gain from the platform’s security features and integration capabilities, opening new avenues for customer engagement and value-added services.
C. Eric Smith, CEO and Co-Founder of AppBrilliance, said, “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). 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.”
Tarun Mehta, Head of Corporate Development and Truist Ventures, said, “AppBrilliance has developed an innovative platform that provides tangible benefits for businesses looking to reduce payment acceptance costs. 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.”
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