Cromwell-based Payveris, a technology company offering a digital payments platform, has launched a loan and debt repayment service that provides consumers with real-time payment options.

The new service, called Loan Payments, is designed to help financial institutions meet consumer demand for fast, convenient and secure payments, Payveris said in a statement. The technology company, which is now a division of Paymentus, added that the service will also reduce operational overhead for financial institutions.

“When financial institutions make it complicated to accept and receive payments through coupon books or legacy loan payment systems, borrowers are less likely to consider them for their next loan,” Payveris’ Chief Innovation Officer Marcell King said in the statement. “Providing choice, speed and autonomy is no longer a bonus, but a baseline expectation for consumers. Financial institutions must seriously rethink their loan payment experience and meet customers where they are, and Loan Payments can help them get there. Whether that’s an auto loan, a personal loan, or a mortgage, the days of consumers using a coupon book have passed.”

Through Loan Payments, financial institutions can provide an omnichannel experience similar to what consumers expect when shopping or paying bills, Payveris said. The service supports cash, debit card, e-check and ACH payments. Consumers can also choose their preferred payment channel, including online, mobile, text, PayPal app, Amazon Alexa, Walmart, or directly at their bank or credit union.

“In addition to more convenience and flexibility, Loan Payments gives financial institutions’ customers more control over how they automate and schedule payments, and the ability to spread their payments across multiple methods at once,” the statement said.

The new service also helps reduce overhead, the statement said, pointing to the experience of WSECU, one of the first financial institutions with plans to roll out Loan Payments.

“Our first priority is to improve the loan payment experience for members, making it easier and providing them more options,” Melissa Wolff, vice president of operations support and payment services at WSECU, said in the statement. “Payveris is helping us do that, and that alone is a big win. But there is also more we gain, including the operational efficiencies that come from no longer managing disparate processes. Now, everything is centralized into one payment processing system, regardless of which option best meets the needs of an individual member.”

Loan Payments was first developed by Payveris’ parent company Paymentus, the statement said.