AppBrilliance, an Austin-based payments tech firm, just raised a $3M seed investment to grow its API-based open payment and banking tools.

Why should we care?
AppBrilliance is working with businesses that typically accept payments through legacy debit and credit card rails or data aggregators, and incur associated processing costs and data security risks. It offers a new option for businesses to accept secure real-time payments through its non-custodial Money API, which enables instant "push" payments from a consumer to a business. Its pitch to clients is a non-custodial funds-flow and data model with real-time account visibility and control, in contrast to legacy card-processing rails or data aggregators. The company says clients can reduce payment processing costs by 75 percent or more, and allow for real-time payments and contactless check-out experiences through its API. "We're committed to breaking down barriers in the payments and banking space. Our technology brings true open payments experiences to businesses in the U.S. and beyond," founder and CEO C. Eric Smith told TheFR.