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.