CU 2.0 Podcast Episode 405 Cary Strange on PayOnward's Plan to Revolutionize Payments

Can bill pay be revived at credit unions?

You may remember, perhaps a generation ago, when bill pay was revered by financial institutions because it was viewed as creating stickier members who, having inputted a dozen or two bill pay recipients, were reluctant to change FIs because of the work involved.

Bill pay lost a lot of its stick when various fintechs rolled out widgets that collected billpay data so it could be transferred to another institution.

The death blow came when many vendors - including most credit card companies - created auto pay tools where a user can choose to pay the minimum or the balance due or amounts in between automatically.  That’s what I use to pay all my recurring bills and the closest I’ve come to using oldfashioned bill pay is when I’ve paid contractors with Zelle a couple times.

Cary Strange is on the show to tell how PayOnward plans to change that current practice and, hold on, know that PayOnward is a portfolio company of Black Dragon Capital which talks about PayOnward this way: “PayOnward is a cloud-native universal payments platform that empowers Community Based Financial Institutions to offer a full suite of AI driven digital payment solutions for both business and consumers through an easy to use and efficient integrated solution.”

Now know that Black Dragon Capital  is a private equity firm founded by Louis Hernandez, Jr. a dozen years ago.  He’s a longtime credit union tech innovator - think the DNA core system. Hernandez is not a guest on this episode but he is much referenced in it.

Listen up.

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