Payveris, a money movement provider announced a new real-time P2P solution via its MoveMoney Platform today, which allows customers to send money to anyone with a U.S. bank or credit union account using recipient’s mobile phone number or email address, according to a press release.
The service is available via API, SDK widget and SSO integration, and uses debit card infrastructure to enable real-time funding and instant credit transactions between banks and credit union accounts. The platform now supports over 227 total credit unions, after signing 27 partners in the past 12 months.
Payveris’ MoveMoney platform is designed to help banks and other existing financial institutions compete with new, agile fintech competition that hasn’t had to deal with updating legacy systems in recent years.
“Institutions are competing more and more with non-bank fintechs and charter banks and other organizations, who are using technology to their advantage. Most institutions are encumbered by legacy technologies that have been around for 20 to 30 years, and they can’t do much with it. They’re batch based systems that are hard to integrate,” Payveris Chief Innovation Officer Marcell King said in an interview with FinLedger.
“It takes a lot of time, effort and money to build new products, so with our platform, what we’re looking to do is to enable institutions to meet the expectation of a consumer, which is real-time money movement, especially in the P2P space. You’re competing with the likes of Venmo, CashApp and PayPal, and all these other kind of P2P services, so we see ourselves as giving them a cost effective, efficient, and simplified way to offer real time money movement between their consumers.”
Payveris’ platform uses a multi-layered approach which ensures fraud management and fraudulent transfer mitigation. The new real-time P2P solution requires recipients to enter their email address and company/password, before selecting to input the funds via debit card number, or bank routing and account number.
Financial institutions can offer the service as a stand-alone service, integrate it into existing money movement hubs or incorporate the service in bill pay experiences according to the release. The service allows recipients to save their account information for future payments, and can be set up to allow automatic retrieval of payments from repeat senders.
King says Payveris’ real-time P2P service separates itself from competitors in two main ways, including a more modern technology stack and frictionless service platform.
“We have much more moderate payments stack. When you look at some of the legacy providers, they’re running technology that was built in the 90s for payments and money movement, so we offer a much more modern payments stack,” King said. “Because it’s a holistic payment system, we can offer a full range of services from the state platform, so the bank gets leverage from the technology. They can streamline and remove the friction from traditional fragmented user experiences, and they can also simplify their back office from an operational perspective.”
Founded in 2011, Payveris has raised over $21 million in funding through four funding rounds. The company’s most recent $7 million Series D was announced in June 2019 and led by Mosaik Partners.