Kony and Payveris partner to boost digital payment technology platform
Digital banking solutions provider Kony has partnered with money transfer technology provider Payveris to help financial institutions deliver highly secure services for person-to-person (P2P) and account-to-account (A2A) transfers, bill payment, and fraud mitigation.
Payveris enables banks and credit unions to deploy money movement services with a scalable, open-API cloud platform, which reduces operating expenses and enhances user experience, according to the announcement. The companies say Payveris’ API-driven approach also significantly improves flexibility for modern payment workflows. It will be offered along with Kony DBX, a digital banking platform and application suite which was launched in June. Applications provided by Kony DBX include pre-built, native, and web apps for a variety of services, including new user onboarding.
“The banking industry is undergoing one of the most disruptive tectonic shifts in modern history. In order to effectively compete in this digital era, banks must evolve to meet the rapidly changing expectations of their customers,” said Jeffery Kendall, senior vice president and general manager, Kony DBX. “A key area where banks can make an immediate impact for their customers is by providing a differentiated money movement experience. For example, creating experiences that incorporate social media or reinforce the bank’s brand and identity. We are excited to collaborate with Payveris to provide new, innovative digital payment solutions to empower banks and credit unions to deliver differentiated experiences that will meet their customers’ needs today and in the future.”
In addition to consolidating all money movement on a single platform and giving banks and credit unions control over the services’ user experience, the partnership is also expected to enable them to identify and stop potentially fraudulent transactions, eliminate the funding risk and inconsistent user experiences from legacy risk-funding models, and virtually eliminate downtime.
Juniper Research recently predicted mobile biometrics will authenticate $2 trillion a year in payments by 2023.