Cromwell-based PayverisCU, a wholly owned registered credit union service organization (CUSO) of Payveris, has added 27 financial institutions to is digital platform in the past 12 months, the financial technology firm said in a statement last week.

PayverisCU now has 227 credit unions using its MoveMoney Platform, and the firm said it had record growth in adding credit unions with over $1 billion in assets.

The accelerated adoption of digital banking during the pandemic has posed a threat to credit unions, Payveris said, as they struggle to compete with the digital banking and payment experiences offered by big national banks, emerging neobanks and challenger banks.

“The most common issue we hear from credit union leaders is that it’s too expensive and time-intensive to modernize their digital payments tech stack,” Ron Bergamesca, CEO at Payveris, said in a statement. “Those are the problems we solve every day – it’s our bread and butter. We’re experts at high-quality, well-orchestrated migrations, and our MoveMoney Platform is far less costly to maintain compared to the infrastructure many credit unions are running on today with siloed fintech products. More financial institutions are realizing that eliminating their legacy infrastructure is the way to reduce operating costs and remove redundancy, while delivering a far more enjoyable, intuitive user experience.”

The MoveMoney Platform is a cloud-based digital payments and money movement platform for consumers to manage their money.

“With competition intensifying during these uncertain times, it’s critical that we deliver faster digital payment capabilities and decrease the friction in consumers’ financial lives in order to retain our members and attract prospective members,” Jennifer Brantner, vice president of payments, risk and compliance at Wisconsin-based Royal Credit Union, said in the statement. “Payveris’ technology enables us to provide a quality user experience for our members, with integrated bill pay and digital money movement services all housed in the same platform. The implementation was very smooth with minimal member impact, allowing us to expand these solutions to members when they needed it most.”