Payveris and Transaction Directory Team to Educate Financial Institutions on Reducing Industry Disintermediation

March 31, 2015

FIs Offering Services such as P2P money movement key to successfully competing in today’s digital world.

Payveris™ has  entered into a consulting agreement with Elk Grove Village, Il-based Transaction Directory, a  leading provider in educational and news related events in the transaction  processing marketplace. Under the agreement, the two firms will work together  to further educate the marketplace on how to reduce the risk of  disintermediation in the payments space. The educational program will highlight  the benefits of offering financial institution money movement services such as  Person-to-Person (P2P) in order to better compete with non-financial  institution payment offerings.

Payveris recently announced  a “Go Free P2P” campaign in an effort to unite with banks and credit unions to  keep them at the center of the digital payments process. Through this campaign,  the company is offering its P2P “SEND CASH” payment service via its PayItNow™  Network for free to institutions and industry partners that sign onto the  service by the end of June 2015.  

As part of the agreement,  Transaction Directory will be assisting Payveris by creating educational  materials and market awareness programs by leveraging Transaction Directory’s  inventory of payments-related content.

“The trend in the  marketplace is headed toward P2P money movement services, said Marcell King,  CRO of Payveris. “This being said, financial institutions have had a difficult  time gaining traction in the market when it comes to P2P and competing against  non-traditional offerings such as those offered by Venmo, Google, Square and  PayPal to name just a few. As consumers continue to adopt non-FI banking and  payment services, banks and credit unions run the high risk of customer  attrition and disintermediation. By working with organizations like Transaction  Directory we are seeking to change that.”

“SEND CASH” via PayItNow is  Payveris’ innovative Financial Institution-centric service designed to help  banks and credit unions reverse this trend by facilitating secure, convenient  and quick digital payments directly from the institution’s digital banking  service. “SEND CASH” enables financial institution customers or members to  securely and conveniently send money from their bank or credit union account to  anyone’s account at another financial institution using any device, anywhere  and at any time via the web, smart phone or tablet by using only the  recipient’s email or mobile number.

“For far too long banks and  credit unions have been running the risk of being disintermediated out of the  primary role that they have traditionally played as the facilitator of  commerce,” commented Jeff Weikert, President of Payveris. “From its very  founding Payveris has been focused on providing the types of payment solutions  that enable banks and credit unions for the digital age.  P2P is a fast and simple way for people to  send cash digitally directly to others using a mobile phone number or email  address. It is an offering that can make a real difference for financial  institutions seeking to compete against the slew of non-financial institution  payment offerings that have entered the banking marketplace. We believe so  strongly in the fundamental role that banks and credit unions play in the  payments process and the importance of P2P in their continued success that we  decided to unite together with FIs through this “Go Free” P2P campaign.”  

“Non-traditional FI payment companies are providing  consumers with more convenient and faster payment services leaving traditional  banks and credit unions behind.  We are  excited to leverage our resources at Transaction Directory to help Payveris get  the word out about their innovative person to person payment service.  By educating our subscribers on what products  and services are available to them, we can help them stay competitive and  continue to add value as an industry resource,” commented Thomas Frale,  President of Transaction Directory.