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Backbase and PayVeris unite on payments

Source: Backbase

Digital banking leaders, Backbase and Payveris, have partnered to provide financial institutions with an integrated digital payments and money movement solution.

The combined offering will enable financial institutions of all sizes to deliver next generation payment and money movement services that businesses and consumers demand: a fast, low-friction user experience that makes it easy to take care of all of their bill payment and money movement needs. However, the banking industry’s legacy payment infrastructures are increasingly fragmented, inflexible, costly, and difficult to integrate with - making it challenging for financial institutions to innovate and deliver the seamless services today’s digitally-connected people expect.

The Backbase and Payveris partnership helps financial institutions overcome this challenge. This combined service provides banks and credit unions with an end-to-end digital payments hub, enabling financial institutions to create tailored digital payment experiences for the consumer, while dramatically simplifying their back-end to reduce operating costs.

Key benefits for financial institutions are:

Full control of the platform, allowing financial institutions to create a unique and tailored user experience for their customers to move money in the way that suits them.

Mature and open APIs that enable bill payment and presentment, Person-to-Person (P2P) and Account-to-Account (A2A) transfers from a single platform.

Reduced costs and increased operating efficiencies by replacing redundant processes and multiple rigid and dated technologies with one cloud-based money movement solution.

Future-proofed capabilities which use extensible microservices to integrate new payment types as they develop.

“Backbase’s raison d’être is clear: to develop and deliver efficient, effective tools that help financial institutions accelerate their digital transformation and provide superior digital experiences for customers,” says Jouk Pleiter, Chief Executive Officer, Backbase. “By integrating the Payveris solution into our own, we are solving yet another pain point for the industry. Banks and credit unions have been crying out for a way to modernize and simplify their payments operating environments, and now they have the answer. Our drive to create a seamless digital customer experience spanning the full array of banking services has taken another major step forward with this partnership, and we will continue to build out our capabilities to meet the industry’s evolving needs.”

“Essentially, what makes this partnership so impressive is the true balance of form and function, adds Marcell King, Chief Innovation Officer, Payveris. “By combining the power of Backbase’s progressive digital banking platform with the flexibility of Payveris’ open API MoveMoney Platform, you end up with a real wow-factor for a User Interface, with functionality that delivers low friction digital money movement and management. Additional elements such as financial insights, peer-comparison suggestions and gamification, further elevate this UI to the next level in the industry.”

“This partnership is a true game-changer,” states Dave Matthews, Vice President of Partner Development, Payveris. “The financial institutions adopting this fully customizable end-to-end solution, are without a doubt, positioning themselves for marketplace leadership by future-proofing their payments and digital transformation strategy.”

Creating modern digital payment solutions

With the Backbase Payment Center, Backbase has developed a universal money movement experience that allows money to be moved from any eligible account to anywhere with a simple, hassle-free interface - a value proposition that garnered the platform the Best In Show award at PayThink 2019. Backbase’s partnership with Payveris extends the Omni-Channel Banking Platform’s capabilities by adding a pre-integrated, next generation bill payment solution - allowing credit unions and banks to offer their customers an unrivalled range of innovative money movement capabilities.

Payveris’ MoveMoney Platform seamlessly incorporates all digital payments - including bill pay, P2P and A2A - on a single, cloud-based open-API platform. Having a unified payments hub enables financial institutions to customize and streamline the customer experience, provide money movement services on any application or device, and modernize and simplify their internal payments operating environments. The extensible microservices of the MoveMoney Platform also allow financial institutions to easily integrate with future services as they extend their consumer and business money movement capabilities.

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