Payveris and Finovera Team Up to Help Financial Institutions Win the Challenge of Biller-Direct Payments

by PaymentsJournal 0

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Introducing Payveris BillManager: Convenience and control for consumers. More customer engagement and higher interchange revenue for financial institutions.

CROMWELL, Conn., Sept. 28, 2017 (GLOBE NEWSWIRE) — Payveris, the Cromwell, Conn.-based provider of digital payments and money movement to financial institutions, has partnered with Silicon Valley, Calif.-based Finovera, a consumer bill management services supplier, to launch Payveris BillManager™, a white-label service for banks and credit unions that integrates Payveris’ best-in-breed payment capabilities with Finovera’s world-class bill management features.

Payveris BillManager, a new extension of the Payveris MoveMoney™ platform, is now available to any financial institution that recognizes the value of increasing customer loyalty and satisfaction by providing convenient, low-friction tools that simplify customers’ financial lives. Using their financial institution’s branded Payveris BillManager app, customers can easily access, store, track and pay all their bills quickly and efficiently from a single site.

This eliminates the time-consuming and disjointed experiences associated with managing and paying bills across multiple sites, while helping customers reduce paper clutter and get organized.

Payveris BillManager Takes on Direct Billers with a Superior Solution

“Consumers have been migrating from online banking bill pay to direct biller sites for years because they’re attracted to the control billers offer—despite the time and energy consumers expend to visit multiple sites to pay their bills,” explains Payveris CEO Ron Bergamesca. “In addition, the legacy financial institution model of limiting customers to use only their bank accounts to pay bills has practically delivered control- and rewards-conscious consumers into the hands of direct billers and others that permit credit card payments. All this has weakened the ability of financial institutions to engage with their customers through their own digital channels.”

But now, Payveris BillManager answers the direct biller challenge by simplifying a complex process for financial institution customers—recapturing their attention and increasing their engagement with their financial institutions. With Payveris BillManager, financial institution customers can get bill notices and alerts from more than 8,000 billers; view their bills and available bank account balances; and choose to pay from their checking accounts or use their debit card or credit cards—without ever leaving their financial institution’s website or mobile app.

“And when customers use their financial institution’s own cards,” Bergamesca adds, “the financial institution generates incremental interchange revenue from the paid bills.”

A Great Customer Experience

Financial institutions that choose Payveris BillManager solve their customers’ pain points by putting them in control of their money and their bills.

“The inspiration for developing the bill management app was to create a better overall experience for consumers and improve their financial health by providing the information they need when they need it and giving them the option to pay when they wanted to pay, however they wanted to pay,” notes Purna Pareek, CEO of Finovera. “We achieved these goals by developing technology and working with Payveris to ensure consumers always know how much they have to spend, so they don’t inadvertently spend more than they have, and to view and pay all their bills from a single location with a convenient single sign on.”

Customers start using Payveris BillManager by quickly and easily linking all their bills and statements to the app.  Then, they automatically receive a 12-month history of their bills and statements, and get alerts when new bills are due and paid—along with helpful notices if they’re short on cash or if bills are outside their normal spending ranges. All information is instantly accessible, online or via customers’ mobile devices, through the financial institution’s website or app.

With Payveris, Any Financial Institution Can Offer Best-in-Breed Services 

“The extensibility of the MoveMoney platform makes it possible for all financial institutions to leverage the creativity of innovative fintech providers—like Finovera—or combination of providers, to create their own unique service suite and offer great customer experiences,” explains Bergamesca. “This is how Payveris helps our clients win and retain business today and in the future, while simplifying and futureproofing their IT and operations investments.”

See Payveris BillManager in Action at CUNA Technology Council Conference

Join Payveris for a demonstration of Payveris BillManager at CUNA Tech at The Biltmore Phoenix, Phoenix, Ariz., Oct. 2 at 1:45 p.m. Chief Operating Officer Marcell King will participate in the speed round to demonstrate how Payveris BillManager can help financial institutions put competitive distance between them and their challengers.

About Payveris: Payveris’ cloud-based money movement platform empowers financial institutions to take command of their customers’ digital user experience as well as their IT and payments operations, while introducing innovative products that win and retain members/customers—today and in the future. Its integrated platform, extensible gateway API and suite of widgets support payment services from any application or device, reduce IT and operations complexity, and futureproof IT investments—all while significantly reducing out-of-pocket expenses. www.payveris.com

About Finovera: Finovera is reinventing how people manage their bills and financial documents at home. It is the easiest and most convenient way to receive, organize and manage household bills, financial statements and important family documents in one place. Finovera’s digital mailbox service and secure vault brings simplicity, efficiency and convenience to household information management and helps consumers say goodbye to late fees, forgotten passwords and disorganized bill piles. A Silicon Valley startup, Finovera’s mission is to simplify the lives of American households by helping them easily organize and manage critical information from anywhere, anytime in a secure manner. www.finovera.com