New York- and Amsterdam-based digital banking vendor Backbase and Wethersfield, Conn.-based online and mobile digital payments company Payveris announced a partnership that will enhance Backbase's money movement capabilities. Payveris provides integrated payment solutions to banks and credit unions.
As part of the partnership agreement, Backbase will leverage Payveris' payment API to offer money movement features within the Backbase Engage omni-channel digital banking platform. Payveris will become part of the Backbase Open Banking Marketplace, giving Backbase Engage customers the option to choose best-in-breed FinTech providers such as Payveris when they switch to Backbase Engage as their digital banking solution, the companies said.
Payveris offers a single digital payments platform that facilitates electronic bill pay, account-to-account (A2A) and person-to-person (P2P) money movement services. From these services, Backbase Engage creates an agnostic money movement experience that incorporates a social address book, creating an intuitive, next-generation user experience that allows money to be moved to anyone, anytime, anywhere and on any channel.
"At Payveris, our mission is to provide innovative digital payment solutions that enable FI's to better compete and remain at the center of commerce," Payveris President Jeff Weikert said. "We do this by delivering financial institutions a single platform that offers the best digital payment and money movement experience, whether it's paying a bill, transferring between financial accounts or paying a friend or business. By adding Payveris' payment capabilities, both our organizations will create a truly next-gen digital banking experience for banks and credit unions."
"Offering a seamless money movement experience and giving our FI customers the freedom of choice between multiple payment solution providers is essential in our Open Banking vision," Jouk Pleiter, CEO and co-founder of Backbase, said. "By adding Payveris to our Open Banking Marketplace and enabling their API in our Money Movement capabilities we deliver on both: A seamless customer experience and freedom for FI's to work with an innovative provider without being stuck with one-size-fits-all legacy providers."
According to a recent survey by Synergistics Research, "Evaluating the Consumer Payments Market," online bill payment accounts for 37% of monthly bills paid, far ahead of checks at 22% of volume. Mobile bill pay accounts for 5% of bill payment volume, and online use of tablets/e-readers represents 3%.
Meanwhile, the use of mobile phones to access bank accounts, credit cards or other financial accounts continued to increase among adults in the U.S. last year, according to a Federal Reserve Board report, "Consumers and Mobile Financial Services 2015." Mobile payments are on the rise, according to the Fed study. Twenty-two percent of all mobile phone users made a mobile payment in the 12 months prior to the survey, up from 17% a year earlier. For smartphone owners who reported using mobile payments, the most common types were paying bills through an online system or mobile app, followed by making online or in-app purchases. Paying for a product or service in a store was the next most common type of mobile payment.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
