WETHERSFIELD, Conn., January 22, 2015 – Payveris™, a next generation online and mobile digital payments company, and West Michigan-based credit union-owned cooperative, CU*Answers, have announced a working partnership to provide a fully integrated online banking and payments experience to their client credit unions and their members. Payveris offers a full range of bill payment, money movement and interbank transfer solutions which innovatively brings together financial institutions, consumers and businesses within the digital payments process.
The partnership will leverage Payveris’ modular, API driven digital payments platform and CU*Answers’ seamless solution approach to further strengthen CU*Answers’ member-focused banking solutions and to further provide their member credit unions with a cost effective and competitive edge in the marketplace.
In addition, CU*Answers has made a financial investment into privately held Payveris and the company’s efforts to innovate the payments space while keeping credit unions at the center of commerce.
CU*Answers is a 100% credit union-owned cooperative CUSO that provides data processing solutions and a complete range of technical, marketing and educational services to nearly 200 credit unions nationwide.
“Some people might think our commitment to this investment and partnership is simply a bill pay vendor adjustment, but that would be a mistake”, commented CU*Answers CEO Randy Karnes. “CU*Answers wants to position its networks and owner-client credit unions right in the middle of the payment system revolution, and that takes creative partners and creative solutions. This announcement signals our full commitment to that, and links our network to a new creative-force- to-be in the future of member directed payments. We look forward to the value we will deliver to our clients and I could not be more excited than to add the Payveris team to the effort.”
Payveris’ cloud-based digital payments platform capitalizes on the value of a single platform that offers a seamless digital payment and money movement experience whether it’s paying a bill, transferring between financial accounts or paying a friend or merchant.
Throughout the past year both the CU*Answers and Payveris development teams have been collaborating and working side by side to deliver native bill pay functionality within CU*Answers’ “It’s Me 247” Online and Mobile Banking offerings. The overall goal has been to offer a more cost effective yet powerful payments solution that will be quicker, more convenient, and blended throughout the member user interface to make it more accessible to every type of member. CU*Answers will be introducing this offering to their client credit unions over the coming year.
“We are truly excited about this partnership with CU*Answers and the financial investment they have made into our company”, said Jeff Weikert, President of Payveris. “Both of our organizations are service oriented and dedicated to helping credit unions to compete in an ever changing and competitive marketplace. CU*Answers’ investment into Payveris is testimony to both our organization and our ongoing efforts to provide innovative FI-centric digital payment technologies that meet the demands of today’s online and mobile consumers. We look forward to working together as we execute our common vision and deliver a seamless, robust and highly secure digital payment experience to CU*Answers’ credit unions and their members.”
CU*Answers offers expertise in implementing technical solutions to operational needs, and is a leader in helping credit unions form strategic alliances and partnerships. CU*Answers provides a wide variety of services for credit unions including its flagship CU*BASE processing system (online and in-house) and Internet development services featuring It’s Me 247 online and mobile banking. Additional services include web development, network design and security, and image check processing. Founded 40+ years ago, CU*Answers is a 100% credit union-owned CUSO providing services to credit unions representing nearly 1.5 million members and $10 billion in credit union assets. For more information, visit cuanswers.com.
Payveris is a next generation digital online and mobile payment company offering full service online bill pay, money movement and interbank transfer solutions for financial institutions, service providers and merchants. The company’s secure cloud-based platform, advanced technologies and full suite of APIs enables partners and financial institutions to deliver a more integrated and customized solution at a lower cost to serve. Payveris’ innovative digital payments platform combined with its “white label” business model offers core processors, online banking providers and other providers of remote banking services a powerful solution for their financial services clients.