Digital banking software provider Kony DBX will partner with Payveris to offer open-technology based digital payments.
The collaboration covers several use cases such as person-to-person, account-to-account, bill payments, and fraud prevention services to participating banks.
Cromwell, Ct.-based Payveris offers a scalable, open-API cloud-based money movement platform that enables its services, helping banks and credit unions reduce operating expenses in deploying money transfers across various channels.
“The banking industry is undergoing one of the most disruptive tectonic shifts in modern history," Jeffery Kendall, senior vice president and general manager at Austin, Texas-based Kony DBX, said in a Thursday press release. “A key area where banks can make an immediate impact for their customers is by providing a differentiated money movement experience."
Creating experiences that incorporate social media or reinforce the bank’s brand and identity will be key drivers, Kendall added.
Other benefits of the partnership Kendall cited include reduced fraud losses by enabling banks and credit unions to identify and stop potentially fraudulent transactions, and elimination of funding risk and inconsistent user experiences inherent in legacy risk-funding models.
