REPAY Enhances MeridianLink Integration, Modernizing New Member Onboarding and Digital Payment Options
Financial Institutions Using MeridianLink Can Now Offer More Convenient, Secure Payment and Account Funding Methods to Members
Repay Holdings Corporation (NASDAQ:RPAY) ("REPAY"), a leading provider of vertically-integrated payment solutions, today announced new enhancements to the company's integration with MeridianLink, Inc. (NYSE:MLNK), a leading provider of modern software platforms for financial institutions and consumer reporting agencies. REPAY's innovative, trusted payment technology now enables credit unions and banks in MeridianLink's network to offer new members streamlined account funding via debit card, ACH and digital wallets, including Apple Pay and Google Pay.
Expanding account funding options with REPAY's integrated payment technology enables financial institutions that use MeridianLink® Opening to accept funds into new member accounts faster and improve the consumer experience both in-branch and online. Providing a variety of convenient account funding methods, leveraging the same verifiable payment methods consumers prefer to use daily, simplifies the onboarding process for both credit unions and their members.
"We strive to continually enhance our platforms in strategic ways that strengthen our customers' business capabilities while simultaneously addressing evolving member needs," said Megan Pulliam, SVP, MeridianLink® Marketplace. "Flexible account funding options, enabled by our partnership with REPAY, are an essential advantage for our financial institutions and will enable them to uphold the high standards of customer service and convenience members have come to expect."
These enhancements supplement REPAY's existing integration with MeridianLink® Collect, which optimizes loan collection operations by simplifying accounting and consumer payment processes. REPAY's secure payment solutions enable MeridianLink's broad network of financial institution customers to streamline processing efficiencies by accepting ACH and card payments via web, mobile, Interactive Voice Response (IVR) or text. Offering a wide variety of payment modalities provides borrowers with options to make loan payments in the way that is most convenient for them and improves the overall experience.
"As digital payment options increase in consumer popularity, offering convenient account funding and payment methods is critical to attracting and retaining new members," said Jake Moore, EVP, Consumer Payments, REPAY. "Our expanded partnership with MeridianLink empowers financial institutions and consumers to build trust and forge stronger relationships as a result of REPAY's advanced payment technology solutions."
Regardless of payment method, REPAY's integrated platform tracks, logs and posts payment data in real time, ensuring payment updates and information are accurately reflected in credit unions' records immediately after a payment is submitted, mitigating the risk of invalid penalties and unnecessary collection efforts that are triggered for past-due payments. This not only smooths accounting processes for credit unions and banks but also supports better relationships with members due to improved confidence and communication.
About REPAY
REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY's proprietary, integrated payment technology platform reduces the complexity of electronic payments for clients, while enhancing the overall experience for consumers and businesses.
About MeridianLink
MeridianLink® (NYSE:MLNK) empowers financial institutions and consumer reporting agencies to drive efficient growth. MeridianLink's cloud-based digital lending, account opening, background screening, and data verification solutions leverage shared intelligence from a unified data platform, MeridianLink® One, to enable customers of all sizes to identify growth opportunities, effectively scale up, and support compliance efforts, all while powering an enhanced experience for staff and consumers alike.
For more than 25 years, MeridianLink has prioritized the democratization of lending for consumers, businesses, and communities. Learn more at www.meridianlink.com.
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Investor Relations Contact for REPAY:
IR@repay.com
Media Relations Contact for REPAY:
Kristen Hoyman
khoyman@repay.com
Media Relations Contact for MeridianLink:
Erica Bigley
Erica.Bigley@MeridianLink.com