FAIRFAX, Va., September 20, 2017 – Credit union core processor FedComp and Payveris, the Cromwell, Conn.-based money movement platform, today announced their partnership to support credit unions in delivering best-in-breed digital payment and money movement services—including bill pay, and account-to-account and peer-to-peer transfers—to their members. The Payveris digital payments platform also enables FedComp to link easily—through a single connection—to other digital providers for services such as home and mobile banking. With the integration to Payveris’ platform complete and tested, FedComp is ready to roll out its enhanced digital payments set to its credit union clients.
“Our clients are smaller credit unions, typically with less than $100 million in assets, with the need to provide their members with digital tools to access their money,” explains FedComp COO Anna Duff. “Our clients see us as a strategic technological and growth partner, and they look to us for guidance on many aspects of credit union management, including digital payment processing.”
She adds: “Credit unions pride themselves on delivering personal, face-to-face service, but digital delivery is a necessary complement for our clients to expand their geographic reach without adding brick and mortar branches, compete with larger financial institutions and appeal to younger members—the digital natives who only want to interact digitally with their financial institutions.”
“We support FedComp’s mission-driven approach to its clients and their members,” comments Ron Bergamesca, Payveris CEO. “Payveris is proud to serve credit unions of all sizes, but we’re especially proud that, by standardizing elements of our platform, we can deliver an extremely cost-effective, world-class digital payment service to even the smallest credit unions. And, credit unions already using FedComp’s core systems can be ready within weeks to offer their members superior digital payments services.”
Duff concurs that the FedComp/Payveris partnership enables even the smallest clients to quickly become top competitors in digital payments, helping them stay relevant in the face of competitive challenges and an aging core member base. And, she adds, partnering with Payveris is good for FedComp’s processing business, because it enables FedComp to focus on what it does best—developing core software and serving its clients.
The partnership grew out of client recommendations, Duff explains, noting that it’s a misconception to think that small credit unions aren’t on-trend or tuned into their members’ needs. Many of FedComp’s 700 clients are forward thinking and recognize that their members can benefit from digital payments services, she adds, while their smallest clients require education and support so they aren’t left behind.
“We don’t push our clients; we inform,” Duff says. “And we develop strategic partnerships with best-in-breed providers, like Payveris, that also understand the needs and ethos of credit unions. When our clients are ready to go, we’re there for them, just like they are there for their members.”
For more than 30 years FedComp has serviced its credit union clients’ core data processing needs, both technically and with live 24/7 customer support. FedComp is a leading Microsoft-based core processing system since its beginning, evolving from DOS in 1982 to Windows 10 today. Since 1984, more than 2,500 credit unions have employed its core data system. Today $3.8 billion in assets are managed by FedComp with credit unions in the continental U.S., Caribbean and the United Kingdom. For more information, please visit fedcomp.com
About Payveris, LLC
Payveris’ cloud-based money movement platform empowers financial institutions to take command of their customers’ digital user experience as well as their IT and payments operations, while introducing innovative products that win and retain members/customers—today and in the future. Its integrated platform, extensible gateway API and suite of widgets support payment services from any application or device, reduce IT and operations complexity, and futureproof IT investments—all while significantly reducing out-of-pocket expenses. For more information, please visit payveris.com