Credit union data processor FedComp is partnering with digital money platform Payveris to provide smaller credit unions with payment services that are becoming increasingly popular and common at larger financial institutions.
Through the partnership, credit unions will have access to digital money movement such as bill pay, and account-to-account or person-to-person money transfers.
The Payveris digital payments platform also enables FedComp to link, through a single connection, to other digital providers for services such as home and mobile banking. With the integration to Payveris’ platform complete and tested, FedComp says it is ready to roll out its enhanced digital payments set to its credit union clients.
“Our clients are smaller credit unions, typically with less than $100 million in assets, with the need to provide their members with digital tools to access their money,” FedComp's chief operating officer, Anna Duff, said in a Sept. 20 press release. “Our clients see us as a strategic technological and growth partner, and they look to us for guidance on many aspects of credit union management, including digital payment processing.”
While credit unions "pride themselves on delivering personal, face-to-face service," the digital payment services will help them expand services without adding branch offices, and will also position them to compete with larger banks and attract young members, Duff added.
Payveris offers a cloud-based integrated platform that includes a gateway application programming interface as well as various widgets to support payment services from any device or application.
"We support FedComp’s mission-driven approach to its clients and their members,” Payveris CEO Ron Bergamesca said in the release. “Payveris is proud to serve credit unions of all sizes, but we’re especially proud that, by standardizing elements of our platform, we can deliver an extremely cost-effective, world-class digital payment service to even the smallest credit unions."
Credit unions already using FedComp’s core systems can be ready within weeks to offer their members "superior digital payments services," he added.