Payveris: Omni-Channel Payment through Money Movement Platform

Jeff Weikert, President Paul Franko, CTO, PayverisJeff Weikert, President Paul Franko, CTO
In the highly commoditized world of transaction banking, organizations are shifting towards the cloud for enhanced features and operational efficiency. Recently, Bank of America decided to share and store banking information in the cloud in order to and streamline its operations. A major concern over this transformation is that most banks and credit unions wish to move legacy applications to the cloud. Despite the fact that cloud providers offer various services, companies desire a single cloud platform with multiple features and solutions. To cater to this need, Payveris, a digital payment solutions provider, offers an innovative suite of electronic payment and money movement solutions, which include Bill Pay (BP), Account-to-Account (A2A) and Person-to-Person (P2P) offerings delivered through a single unified cloudbased platform. “Within our single payments platform, consumers can pay bills, move money between their different Financial Institutions (FIs) and using P2P can effortlessly pay merchants or friends,” states Paul Franko, Chief Technology Officer of Payveris.

Headquartered in CT, Payveris provides a highly secure, cloud-based digital payment and money movement platform, which is designed to keep banks and credit unions at the center of the payments process. “Since the company’s establishment in 2011, our focus has been exclusively on money movement and bill pay. For effective operational and payment features, we designed a cloud-based solution as well as a disruptive and innovative approach to transactions,” notes Franko. Payveris’ solutions are flexible, optimizable, and are built on an architecture that ensures seamless integration with core, online and mobile banking applications.

“In the banking industry, everything begins and ends with the bank or credit union account and we focus on facilitating the funding and payment of transactions,” comments Franko. As the payment ecosystem, rapidly changes, banks, and credit unions are faced with the ongoing challenge of trying to keep pace with the transformation of technology in today’s digital and mobile society.

At Payveris our sole focus is on innovative money movement and bill pay

Rather than providing individual or siloed solutions for various payment needs, Payveris delivers bill pay, A2A, and P2P, through a single digital experience via a secure money movement platform resulting in a multichannel and seamless end-user experience.

“Our cloud platform enables an exceptional payment experience, which ensures faster payment and cost effectiveness,” explains Franko. Through this platform, end-users have the ability to pay bills, and move money between two accounts and conduct P2P payments. “Payveris “Pay Safe™” processing feature of our platform ensures transparency and enables users to transfer funds in a risk free environment,” adds Franko.

Internally, the system offers the flexibility of open Application Program Interfaces (APIs), which enable the financial institutions to optimize the solution further. The APIs offer users the ability to use widgets and provide additional flexibility. As Payveris focuses on the delivery of an innovative cloudbased payments platform, its team assists its client consumers to shift their system to the cloud as well as deploy legacy applications, saving costs for organizations.

“Moving money and making payments in a risk-free environment is our goal as we work to help FIs better meet the payment needs of their account holders,” says Franko.

Amid rising competition, payveris continues to transform the payments process while it focuses on staying ahead of the competition by continually enhancing and adding to it payments platform. Currently they are in the process of extending the platform by adding Photo payments, full scale bill management capabilities and digital commerce. “At Payveris we are 100 percent focused on providing innovative payments technology for the banking industry. With that in mind, one of our next focuses is an even faster delivery process that will enable end-user move money in real-time,” concludes Franko.