Institutions not offering a person-to-person (P2P) app today know that P2P transactions are now mainstream and a growing segment of consumers’ financial activity. But some have stayed away from offering Early Warning’s Zelle due to the implementation and transaction expense, instead having their customers and members use fintech solutions like Square’s Cash App and PayPal’s Venmo. They aren’t crazy about turning over an important transaction like this to a fintech, but the financials are tough for them to ignore.
We are starting to see more solution providers in the market offering an alternative including Payveris that today announced the addition of real time payments to their P2P solution on their MoveMoney Platform. They offer a solution that can reach all consumers and at a lower cost. Financial institutions also can brand the P2P white-label service.
When P2P apps first launched more than 10 years ago, they weren’t adopted as quickly in part because consumers weren’t sure who they could send and receive funds to and from. The common Zelle brand that Early Warning developed was central to P2P’s growth. Now, with most individuals having multiple P2P apps loaded on their mobile phones, the brand might just be less important to consumers.
You can read Payveris’ press release here, and below is an excerpt:
Payveris, the fastest growing money movement provider in fintech, announced today that its MoveMoney Platform now delivers a real-time P2P solution that rivals Zelle, Venmo, PayPal, and Cash App. The new service enables financial institutions’ customers to instantly send money to anyone with a U.S. bank or credit union account using the recipient’s mobile phone number or email address—no special app required. The platform offers financial institutions a truly frictionless solution that supports their customers’ journeys to financial freedom.
Available via API, SDK widget or SSO integration, Payveris’ real-time P2P service uses the debit card rails
for real-time funding and crediting transactions, enabling Recipients to receive money directly to their
bank or credit union account instantly. Payveris‘ multi-layered approach to fraud management has been
instrumental to helping financial institutions mitigate fraudulent transfers.
Financial institutions can deploy the service as a stand-alone solution, integrate it into a unified money
movement hub experience, or incorporate the service into a bill pay experience as an alternative to
sending checks to consumer and small business customers.
Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group