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Cromwell-based financial technology company Payveris has launched a peer-to-peer payment feature that the company said is a rival to Zelle, Venmo, PayPal and Cash App.
Payveris’ MoveMoney Platform now allows a financial institution’s customers to send money to anyone with a U.S. bank or credit union account using the recipient’s mobile phone number or email address, Payveris said in a statement.
The service does not require a special app. Nearly 300 banks and credit unions use Payveris’ platform.
“At Payveris, we’re obsessed with understanding what consumers want,” Marcell King, chief innovation officer at Payveris, said in the statement. “They expect money movement to be frictionless – easy, instant and secure. Financial institutions that fail to deliver that P2P experience are going to lose customers because of how many options exist today.”
Payveris cited research from Mercator Advisory Group showing that the percent of U.S. adults using a P2P service rose from 57 percent in 2017 to 70 percent in 2020.
“As consumers grow more trusting of digital money movement solutions, though, the stakes get higher for financial institutions,” Payveris said. “Many find themselves struggling to keep pace with payment apps that lure customers with the promise of real-time payments and transfers.”
Payveris’ P2P service uses debit card rails for the real-time transactions. The company said it has a multilayered approach to fraud management to help financial institutions mitigate fraudulent transfers.
Financial institutions can deploy the service as a stand-alone feature or integrate it into other payment or bill pay services, including as an alternative to sending checks to consumer and small business customers.
“Our new real-time P2P service is the cost-effective alternative banks and credit unions have been waiting for to expand customer engagement with their digital channels,” King said. “This is the kind of innovation that scales to stay ahead of the competition in an increasingly crowded digital money movement landscape.”
