Payveris Launches Bill Center, a Unified Payment Hub

Payveris, a real-time money movement provider for financial institutions and their partners, today announced today the launch of Bill Center, powered by Paymentus’ Instant Payment Network ecosystem. Bill Center is a fully unified payment hub that provides consumers with a 360-degree view across all bills and financial obligations, offers debit, credit and digital wallet options, and delivers immediate notification of payment from the biller.

While consumer adoption of electronic bill payments has grown exponentially over the last 10 years, according to Aite-Novarica Group, most of the growth has been observed at biller sites, not at banks and credit unions. The disparity is largely attributed to modernization efforts by billers that have afforded consumers greater convenience, options and speed.

Despite the trend away from bill payments at financial institutions, Aite-Novarica Group found 74 per cent of consumers want a centralized bill payment solution to simplify their financial lives. To address this need, Bill Center combines Payveris’ advanced money movement platform, which includes bill pay, account-to-account transfers and P2P payments, with Paymentus’ integrated real-time network of billers, the Instant Payment Network ecosystem. The combined offering equips financial institutions with the same quality of service currently experienced by the biller direct ecosystem. Billers are also expected to benefit from financial institutions’ adoption of Bill Center as more payments will post in real-time to their billing systems.

“Billers are not trying to disintermediate financial institutions. In fact, they see financial institutions as an important bill pay channel,” said Talie Baker, strategic advisor, Retail Banking & Payments, Aite Novarica Group. “Consumer bill pay is a high stakes digital banking capability for FIs. It’s a key indicator of primacy for an institution and it helps drive customer engagement, loyalty, and revenue. Payveris’ Bill Center looks like a solution that can help FI’s reinvigorate online bill pay usage. ”

The Instant Payment Network currently enables millions of consumers to receive and pay bills instantly using a debit card, credit card, or digital wallet through Amazon Alexa, inside a PayPal app, and at many businesses. Bill Center, powered by the Instant Payment Network, is the banking application that delivers this same real-time functionality to bank and credit union customers and members and is available through APIs, SDK widgets and single-sign integration.

“Everything we do at Payveris is aimed at helping financial institutions improve the digital experience and financial well-being of their customers,” said Marcell King, chief innovation officer of Payveris. “We’re helping to bring banks and credit unions back at the center of their customers’ digital payments. Not only will Bill Center bring back the stickiness of bill pay, but the data that financial institutions capture will also offer critical insight into customers’ payments and behavior, enabling them to provide more relevant and contextual information and services that improve their customers’ financial lives.”

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