First Northern Bank and Alloy Labs Alliance’s membership was announced based on its mission to drive innovations and change for community banking. First Northern Bank is a single-member bank from California.
Since its inception, First Northern Bank has been known as an independent community bank that specializes in relationship banking. And it has joined hands with Alloy Labs Alliance, which helps banks reduce risks, lower costs, and drive results effectively.
The announcement was made to create the open payments network, CHUCKTM with the help of Payrailz. The CHUCKTM will work with multiple technology partners and various transaction types. Together these will enable community banks to offer more options to their customers who wish to send money using accounts at other banks.
Alloy Labs Alliance created Payrailz, a digital payments company, as their partner in the new payment network. CHUCKTM is an all-inclusive network line that will deliver personalized payments to consumers and businesses cost-effectively. Even the banks will now have an open choice to provide instant payment modes with the help of CHUCKTM. Hence, there will be no longer be restrictive and closed networks for consumers to make payments through banks.
Being a part of the Alloy Labs Alliance has been a game-changer for First Northern Bank. CHUCKTM is an innovative approach to peer-to-peer (P2P) payments and enables community banks to powerfully compete within the digital payments space. This open-payments network is the first of many innovative applications on the Alloy Labs Alliance roadmap that will give community banks a solid leg up in the digital environment that has quickly become a preferred delivery channel for day-to-day financial transactions. First Northern Bank looks forward to the launch of CHUCKTM in the first quarter of 2022. The members of the Alloy Labs Alliance are committed to dispelling the myth that community banks can’t be on the cutting edge.”
Louise Walker, President & CEO of First Northern Bank