Neural Payments CEO, Mick Oppy, founded Neural Payments as a result of an academic exercise at MIT. Prior to his time at MIT, Oppy lead product at Vantiv/Worldpay and had spent most of his career in payments. That experience highlighted for him the gaps and deficiencies that existed within the current P2P payments’ experiences, and later became the topic of his project at MIT and to the birth of Neural Payments, says Melissa Kopp, Executive Director of Client Experience at Neural Payments.
Other apps on the scene, like Zelle, work pretty well, but do not allow the financial institutions to brand themselves within their digital ecosystems and they require receivers in the transactions to download an app in some cases. The need was for a system that would work within the bank or credit union’s digital banking experience, allow them to white-label the offering and to enable a more seamless and secure experience that connects the receivers to the applications of their choice, like Venmo and PayPal.
“We live within the menu of options within your existing digital banking app and offer the ability for our financial institutions to easily participate in P2P transfers both in and out of the Neural Payments Network,” Kopp said. “If I am a Neural Payments user, and you’re not banking with someone who uses Neural Payments, I would just pop into my digital banking app that my bank or credit union offers me, choose p2p and choose you from my contacts, and you would either get a text or an email from me that says ‘Hey, Mel is sending you $50,’ you choose where you want your money to go, and in just a few clicks, your options become send it to your PayPal account, send it to your Venmo account or send it to your bank account that has a debit card tied to it. Super simple.”
It prevents the user from having to download another app that requires banking information to be entered, which makes it more secure, Kopp said.
“It’s a completely white-labeled solution,” Kopp said. “We allow the financial institutions to put their image, their colors, their branding on the forefront, which is super important because unlike other solutions i.e. Zelle out in the market, you have to fit within a box. We’re fine being the engine and sitting in the background, allowing that bank and credit union to take all the credit for co-branding and having a full solution that connects them to fintech.”
The company is about to close the Series A round of funding and have already partnered with 27 clients with many of them already taken live and transacting real dollars in the market. Neural has also completed 7 digital banking integrations with many more planned over the next few months.
“These digital banking integrations are really beginning to open up conversations with financial institutions across the US, and of late, right here in Ohio and Kentucky”. Kopp said the Midwest culture is really important to the company and they look forward to many more local partnerships as they grow. “We really love the Midwest. We love the Midwest roots, most of us came from the Worldpay family, which is just right down the road from where our offices sit today.”