In September of 2021, Paymentus acquired Payveris and Finovera. The synergies between the companies delivered our clients a wealth of benefits, most notably the benefits offered by the Instant Payment Network® (IPN), the first and only integrated, real-time digital bill presentment, payment and money movement network for today’s banks and fintechs.
At the time, Payveris CEO Ron Bergamesca said, “Paymentus is the perfect home for Payveris. The companies have strong cultural and strategic alignment and highly complementary technologies that, when combined, create a real-time payment network connecting consumer accounts at their financial institutions and their billers. This network will be the foundation for delivering rapid digital payment innovation to financial institutions.”
A little more than a year later, the alignment and synergies that brought Paymentus, Payveris and Finovera together have continued to grow. This unification is highlighted through the changing of the Payveris brand name into Paymentus Banking & Fintech Solutions.
A Year in Review
The initial partnership began through the linking of complementary technologies that allowed each company to enhance its portfolio and better serve its clients. Payveris’ banking and credit union clients could now reap the full benefits of the Instant Payment Network®, offering their customers more payment options, including debit and credit cards, and faster payments.
The acquisition of Payveris and Finovera strengthened Paymentus’ position within the bill pay space, further solidifying its vision to transform bill payments for the millions of consumers who pay bills throughout the US and Canada. Paymentus’ direct biller clients were now able to benefit from their customers being able to view and make real-time bill payments from their financial institutions’ digital banking app.
Two key Payveris product launches highlighted the power of this partnership: Bill CenterSM and Paymentus Loan Payments. Bill CenterSM leverages the IPN to offer banks and credit unions a new platform to help their customers gain full control over their financial obligations. Customers can easily link to their eligible billers through a centralized hub, use credit and debit cards to pay bills, and receive real-time confirmations from the biller that bills have been paid.
Paymentus Loan Payments revolutionizes loan repayment with expanded real-time card and digital wallet (e.g., PayPal, Google Pay, Amazon Pay) payment options, and through new channels including pay by text, pay by statement, 4,500 Walmart stores, and the PayPal app.
The Client Benefits of Paymentus Banking & Fintech Solutions
Ultimately, the development of Bill CenterSM and Paymentus Loan Payments showcased the power of the partnership, further cementing the alignment strategy. Looking forward, the benefits gained by merging Payveris into Paymentus Banking & Fintech Solutions will continue to multiply, allowing us to reach a new level of innovation and client service as we continue to transform the digital bill presentment, payments and money movement space.
In its 2022 Aite Matrix: Biller Direct EBPP Solutions
landscape report, Aite-Novarica Group named Paymentus as the only vendor to achieve “Best-in-Class” status. This honor was thanks in large part to the IPN, which offers billers and financial institutions real-time digital bill presentment, payment and money movement capabilities.
Already, the IPN offers access to 15,000+ billers and some of the largest, most innovative fintechs and brands in the world, including PayPal, Amazon and Walmart. Adding Payveris as Paymentus Banking & Fintech Solutions will cement our ability to offer clients access to an expanding network of billers, FIs and premier partners. Each of these will improve the customer experience in terms of reach and payment methods, ensuring the everyday person can pay whoever they want, whenever they want, with whatever they want.
While our previous partnership created alignment within the operating units of both Payveris and Paymentus, it’s understandable to believe that many questions were raised in terms of one company’s products being run on another company’s network. The move to retire the Payveris brand and operate solely as Paymentus Banking & Fintech Solutions settles those questions and reaffirms the original goal of our partnership: creating a unified organization with the resources needed to fulfill our mission of transforming payments and money movement.
Clients can now be assured that they will be doing business through a single entity, with one support channel, one partner, one invoice, etc. This single-vendor advantage not only offers greater clarity and transparency, it simplifies the process of doing business with Paymentus.
True Enterprise Solution
The merger of Payveris, Finovera and Paymentus has effectively allowed Paymentus to surround the payments space. Collectively, our suite of digital payment and money movement services solves for digital payment needs, as well as supports commercial, treasury, loan products, credit card products and more. This combination makes it more of an enterprise solution rather than just a digital payments component.
What’s more, Paymentus will now have complete visibility into the entire digital payments ecosystem, allowing us to quickly identify areas of opportunity by serving all touchpoints within both the direct biller and FI space.
Expanded Investments in Research and Development
The unprecedented pace of change within the payments space has created unique demands on all payment players. By further consolidating our investment strategy to support research and development, Paymentus will increase our speed to market in terms of new products and offerings. We’re excited about several new initiatives that are already underway, including Business Center — a comprehensive business bill pay offering that combines invoice management, fraud mitigation and more for small businesses — and the impending launch of our digital disbursements capability.
Additionally, our operational strength has never been greater. From a talent, technology and financial standpoint, we are positioned to address the outsized needs of today’s financial institutions, from the largest enterprise bank down to local credit unions.
The past year has been filled with success, highlighting the combined capabilities of our unique entities and their ability to drive innovation throughout the digital payments and money movement space. We’re excited about our ability to create new products, particularly around business bill pay and disbursements. This unique ecosystem that we have developed brings together varied capabilities that will ensure our clients remain at the forefront of the payments world.
As we say goodbye to the Payveris name, it’s important to note that our leadership team remains intact and will be charting the course and steering Paymentus Banking & Fintech Solutions. Working as one Paymentus, we will continue to transform the end-to-end payments ecosystem, and make it possible for the everyday person to enjoy fast, frictionless payments that offer the ultimate in convenience, choice and control.
For more information, please visit our Banking & Fintech page.