WETHERSFIELD, Conn., March 2, 2015 (GLOBE NEWSWIRE) -- Malauzai Software, a provider of mobile and Internet banking SmartApps for community financial institutions, has partnered with digital payments services provider Payveris to offer its clients faster payments services. The integration is being used by Dimmit, Texas-based First United Bank to provide account holders next-day person-to-person (P2P) payments in an effort to better meet the needs of its millennial customer base in a competitive banking market.
"More consumers are turning to alternative payment providers to meet their needs, cutting the bank out of the transaction," said Kevin Carson, chief technology officer of First United Bank. "By working with Malauzai and Payveris, our bank will be the trusted destination for customers seeking quick P2P payments. Our local market is home to several colleges and universities and it's very important for us to serve the needs of the millennial demographic. To remain competitive, we must offer digital services that are fast, convenient and easy to use. We've fulfilled all of those needs with this partnership."
The two companies have created a seamless, core-neutral integration between Malauzai's SmartApps and Payveris' bill pay, account-to-account (A2A) transfer and person-to-person (P2P) payments via Payveris' PayItNow™ network. The P2P feature is currently in use by First United Bank, as well as Wyomissing, Penn.-based Customers Bank/BankMobile. This integration places P2P functionality directly into the mobile banking SmartApp and enables customers to securely conduct payments via email or text message using a security challenge question.
The $1.2 billion First United chose to launch P2P to remain on the cutting edge of mobile innovation. "West Texas is at the forefront of the technology market," continued Carson. "We knew demand for P2P would start growing, especially as the big banks in the area started promoting it."
The bank plans to publicize the new feature through print ads in local publications and billboards, as well as online and in-branch promotion.
"The evolution of online banking, mobile banking and payment technologies provides community banks and credit unions a real opportunity to meet emerging consumer demands as well as better compete against larger financial institution offerings," said Jeff Weikert, president of Payveris. "Malauzai and Payveris are working together to enable financial institutions to do just that by offering an integrated seamless banking and payment solution that provides FIs with a distinct competitive advantage and offers the best digital payment and money movement experience whether it's paying a bill, transferring between financial accounts or paying a friend."
"The reason P2P solutions have not taken off in a bigger way is because the current model is slow and inconvenient," said Robb Gaynor, Malauzai's chief product officer. "Payveris has created a single highly secure platform for digital payments that makes the process faster while keeping banks and credit unions at the center of the transactions. We are excited to have this functionality available in our SmartApps to help our community FIs such as First United stay ahead of the payments game."
Malauzai was incorporated in 2009 in response to the growing demand for a technology company that could provide innovative mobile solutions for community financial organizations. As a cool company in a cool town with a focus primarily on community financial institutions, Malauzai looks to provide mobile and now Internet banking products that enhance the customer experience ultimately resulting in increased value for financial institutions.
Payveris is a next generation digital online and mobile payment company offering full service online bill pay, money movement and interbank transfer solutions for financial institutions, service providers and merchants. The company's secure cloud-based platform, advanced technologies and full suite of APIs enables partners and financial institutions to deliver a more integrated, cost effective and customized solution. Payveris' innovative digital payments platform combined with its "white label" business model offers core processors, online and mobile banking providers and other providers of remote banking services a powerful solution for their financial services clients.
CONTACT: Marvin (Mickey) Goldwasser Payveris email@example.com