CROMWELL, Conn., July 20, 2021 /PRNewswire/ -- Payveris, the fastest-growing money movement provider in fintech, announced today that 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% in 2017 to 70% 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 Marcell King, Chief Innovation Officer of Payveris. "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, and SSO integration, Payveris' P2P service uses the debit card rails for real-time funding and crediting transactions, enabling recipients to get money delivered directly to their bank or credit union account instantly. Payveris' multilayered approach to fraud management has been instrumental in 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, Chief Information Officer at KeyPoint Credit Union. "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."
Payveris is the creator of the MoveMoney Platform, an Open API, cloud-based platform enabling financial institutions to control, simplify, and extend engaging intelligent digital money movement capabilities to their users through any application or device while significantly reducing operating costs and future-proofing their IT investment. Visit payveris.com to learn more.
About KeyPoint Credit Union
Inspired by Silicon Valley innovation and built to serve a diverse membership, KeyPoint is a full-service, not-for-profit credit union dedicated to providing financial solutions to help members achieve their goals in life. KeyPoint helps members make the most of their money—earning more on savings while paying less for credit. KeyPoint is active in the community providing free financial education programs, as well as fostering financial literacy, sponsoring reading programs and mentoring the next generation of business professionals at local educational institutions. Learn more about Next Generation Neighborhood Banking from KeyPoint Credit Union at kpcu.com.