Payveris' MoveMoney Platform Delivers Real Time P2P
Payveris, a fintech money movement provider in fintech, announced today its MoveMoney Platform now delivers a real-time P2P solution that rivals Zelle, Venmo, PayPal, and Cash App. The new service enables financial institutions’ customers to instantly send money to anyone with a U.S. bank or credit union account using the recipient’s mobile phone number or email address—no special app required. The platform offers financial institutions a truly frictionless solution that supports their customers’ journeys to financial freedom.
P2P adoption is accelerating across consumer demographics, according to Mercator Advisory Group research. The percent of U.S. adults using a P2P service rose from 57 per cent in 2017 to 70 per cent in 2020. As consumers grow more trusting of digital money movement solutions, though, the stakes get higher for financial institutions. Many find themselves struggling to keep pace with payment apps that lure customers with the promise of real-time payments and transfers.
“At Payveris, we’re obsessed with understanding what consumers want. They expect money movement to be frictionless—easy, instant and secure. Financial institutions that fail to deliver that P2P experience are going to lose customers, because of how many options exist today,” said CIO Marcell King. “Our new real-time P2P service is the cost-effective alternative banks and credit unions have been waiting for to expand customer engagement with their digital channels. This is the kind of innovation that scales to stay ahead of the competition in an increasingly crowded digital money movement landscape.”
Available via API, SDK widget or SSO integration, Payveris’ real-time P2P service uses the debit card rails for real-time funding and crediting transactions, enabling Recipients to receive money directly to their bank or credit union account instantly. Payveris‘ multi-layered approach to fraud management has been instrumental to helping financial institutions mitigate fraudulent transfers.
Financial institutions can deploy the service as a stand-alone solution, integrate it into a unified money movement hub experience, or incorporate the service into a bill pay experience as an alternative to sending checks to consumer and small business customers.
KeyPoint Credit Union, a Payveris customer since 2017, was one of the first financial institutions to roll out Payveris’ new real-time P2P service.
“When Payveris offered us the chance to pilot the real-time P2P service, it was an upgrade for us and our members,” said Drew Manning, CIO of KeyPoint. “We’re already seeing engagement grow with our digital channels—thanks to our fintech partner Payveris. Innovations like real-time P2P help us compete against popular payment apps. Because the service is so easy to use, moving money makes our relationships with our members even stronger.”