Money movement fintech leader welcomes record number of large asset credit union partners during year of rapid digital banking and payment adoption
PayverisCU, a wholly owned registered CUSO of Payveris focused on building innovative digital member experiences, announced today that it now supports 227 total credit unions with the MoveMoney Platform, after signing 27 partners in the past 12 months, including the following financial institutions with over $1 billion in assets: VyStar Credit Union ($10.5B), Royal Credit Union ($3B), Washington State Employees Credit Union ($3B), ORNL Federal Credit Union ($2B), Addition Financial Credit Union ($2B), and JSC Federal Credit Union ($2B).
The accelerated adoption of digital banking solutions during the pandemic posed a significant threat to credit unions already struggling to compete effectively with the digital banking and payment experiences offered by big national banks and emerging neo and challenger banks. According to a March 2020 industry report from PYMTS.com,1 in 5 credit union members consider changing primary financial institutions over insufficient innovation. As credit unions continue to grapple with this reality through a year marked by lockdowns and branch closures, PavyerisCU’s new client growth indicates the MoveMoney Platform is becoming the go-to solution credit unions rely on to replace decades-old digital bill payment, money movement, and P2P technology.
“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,” said Ron Bergamesca, Chief Executive Officer at Payveris. “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 an intelligent, cloud-based digital payments and money movement hub that simplifies how consumers move and manage money. It has a long track record of strength, security, and reliability with 99.999% uptime and strong data conversion quality, while commanding a high customer satisfaction rate of 4.9 out of 5.
“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,” said Jennifer Brantner, Vice President of Payments, Risk & Compliance at Royal Credit Union. “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.”