Payveris, a Cromwell, Connecticut-based payment service provider for nearly 300 banks and credit unions, has launched a peer-to-peer (P2P) payments tool that it says will rival products from better known companies such as Early Warning Services (Zelle’s parent company), PayPal and Square.
In particular, Payveris is targeting financial institutions hesitant to add Zelle because of cost and competitive considerations.
The Payveris P2P capability will be embedded into client banking apps, and their consumer users will be able to send money to other bank accounts identified through email addresses and phone numbers, similar to the bank-backed Zelle P2P payments network. Payveris will fold its P2P payments tool into its Move Money service, the company’s cloud-based digital payments and money-movement platform.
