Neural Payments, a leading payments solution provider, has recently announced a strategic partnership with Lumin Digital, a cloud-based platform, to integrate its white-label peer-to-peer (P2P) payments platform and upcoming solutions. This collaboration will enable Lumin’s financial institution clients to offer a branded and seamless payments experience directly within their own app and website.
With this partnership, Neural Payments gains access to over 50 live financial institutions and more than 4 million users utilizing Lumin’s digital banking solution across the nation. Financial institutions that are part of the Lumin platform can now team up with Neural Payments to provide an integrated P2P solution within their digital banking services.
Unlike traditional third-party P2P solutions, Neural Payments’ P2P platform allows users to transfer funds with individuals using different platforms, even if their financial institutions do not use Neural Payments. This offers users enhanced flexibility, security, and ease of use. In addition, financial institutions partnering with Neural Payments through Lumin can expand their consumer base, strengthen customer relationships, reduce costs, and retain deposits that may have been lost to third-party P2P providers.
Mick Oppy, co-founder and CEO of Neural Payments, expressed his excitement about the partnership, stating, “Our collaboration with Lumin is a win-win-win situation. Not only does it bring another digital banking partner onboard for Neural Payments, but it also enables Lumin to provide added features and tools for their financial institution clients. Consumers benefit from a significantly easier, more convenient, and secure P2P solution.”
Furthermore, as Neural Payments continues to drive innovation in the small-to-medium business sector, Lumin’s clients will have access to additional solutions such as disbursements for small to medium businesses and streamlined account funding processes.
Sean Weadock, chief product officer at Lumin Digital, emphasized the advantages of implementing this solution for community financial institutions, stating that it offers an additional P2P option for a fully streamlined experience and seamless transaction processing. This partnership between Neural Payments and Lumin Digital is poised to revolutionize the digital payments landscape and provide enhanced services for financial institutions and consumers alike.
