JACKSONVILLE, Fla.–VyStar Credit Union has made a $10-million investment in the newly formed CUSO PayverisCU.
The Cromwell, Conn.-based PayverisCU’s mission is to leverage Payveris’ intelligent MoveMoney technology with data aggregation and artificial intelligence to simplify money movement, money management and financial wellness for credit union members, according to the organization.
The capital will be used to establish PayverisCU’s operations and further accelerate product development of the Payveris MoveMoney Platform, the company said. “With over 180 credit union clients already on our MoveMoney Platform, we determined that the best way to ensure we continually meet the unique needs of credit unions is to create an organization in partnership with a select group of progressive credit unions that is solely focused on digital payments and money movement for the credit union market,” said Payveris CEO Ron Bergamesca in a statement. “VyStar, with its forward-thinking new leadership and strategic approach to digital delivery, is the perfect partner to anchor the launch of PayverisCU.”
A ‘Critical Element’
“As an investor-member of PayverisCU, we look forward to partnering with the Payveris team to bring digital payments and financial wellness innovation to consumers,” added Chad Meadows, chief operating officer, VyStar Credit Union. “Intelligent and seamless money movement is a critical element of delivering a world-class digital experience. Payveris, with its modern technology, vision and leadership, stands alone as the right partner to ensure credit unions can successfully compete with the most sophisticated fintechs.”
Marcell King, chief innovation officer with Payveris, said the company plans to continue to focus on platform development, including the expansion of open APIs to support new payment mechanisms such as debit and credit cards, additional real-time payment rails, content aggregation, artificial intelligence, enhanced fraud management, and back-office user support tools.
The $8.6-billion VyStar Credit Union has more than 655,000 members.