VyStar Credit Union Partners with Payveris as Initial Investor in PayverisCU, a New Digital Payments CUSO
CROMWELL, Conn., August 5, 2019: Payveris, the fastest-growing provider of digital money movement technology to financial institutions, announced today that VyStar Credit Union—the 16th largest credit union in the U.S., ranked by asset size, with $8.6B in assets—is the initial investor in the $10 million capitalization of PayverisCU, a newly formed Credit Union Service Organization (CUSO). The CUSO’s mission is to leverage Payveris’ intelligent MoveMoneySM technology with data aggregation and artificial intelligence to simplify money movement, money management and financial wellness for credit union members. The capital will be used to establish PayverisCU’s operations and further accelerate product development of the Payveris MoveMoneysm Platform.
“With over 180 credit union clients already on our MoveMoneysm Platform, we determined that the best way to ensure we continually meet the unique needs of credit unions is to create an organization in partnership with a select group of progressive credit unions that is solely focused on digital payments and money movement for the credit union market,” says Ron Bergamesca, Chief Executive Officer, Payveris. “VyStar, with its forward-thinking new leadership and strategic approach to digital delivery, is the perfect partner to anchor the launch of PayverisCU.”
“As an investor-member of PayverisCU, we look forward to partnering with the Payveris team to bring digital payments and financial wellness innovation to consumers,” says Chad Meadows, Chief Operating Officer, VyStar Credit Union. “Intelligent and seamless money movement is a critical element of delivering a world-class digital experience. Payveris, with its modern technology, vision and leadership, stands alone as the right partner to ensure credit unions can successfully compete with the most sophisticated fintechs.”
Joel Swanson, Chief Member Experience Officer, VyStar Credit Union, adds, “To build a superior digital offering, credit unions must assemble an ecosystem of best-in-breed technologies that integrate seamlessly and provide the control, flexibility and extensibility required to innovate rapidly and adapt to a fast-changing market. Payveris’ MoveMoney Platform represents the most advanced technology and open-API architecture in the market, making it the clear choice to meet credit unions’ members’ money movement needs today and in the future.”
“Payveris will continue to focus on platform development,” remarks Marcell King, Chief Innovation Officer, Payveris, “including the expansion of its open-APIs to support new payment mechanisms such as debit and credit cards, additional real-time payment rails, content aggregation, artificial intelligence, enhanced fraud management, and back-office user support tools. PayverisCU will focus on leveraging the platform to build innovative digital member experiences focused on removing the friction in money movement, money management, and financial wellness. We believe that by combining innovative technology and passionate people with progressive collaborative credit unions, we can create the next advancement of intelligent, digital financial services.”
“The entrance of this unique type of CUSO into the market is well timed,” comments David Albertazzi, Research Director, Retail Banking & Payments practice, Aite Group. “Community financial institutions in the US, and credit unions in particular, need improved technology to help them remove friction from the digital banking user experience. It’s exciting to see a disruptor like PayverisCU coming forth with such a dedicated focus to solving the current market challenge, making people’s lives easier as a result.”
Payveris is the creator of the MoveMoney Platform, an open API cloud-based platform enabling financial institutions to control, simplify, and extend digital money movement capabilities to any application or device while lowering user experience friction, significantly reducing operating costs and future-proofing the IT investment. Shift from a product-centric digital payments model to a platform-centric model today!
About VyStar Credit Union
VyStar Credit Union is the largest credit union headquartered in Northeast Florida. VyStar now serves over 655,000 members, with assets totaling more than $8.6 billion. VyStar membership is open to everyone who lives or works in the 49 contiguous counties of Central to North Florida and the Southeast Georgia counties of Camden, Charlton, Glynn and Ware.