Payveris

About Payveris

Payveris operates as a financial technology provider specializing in digital payment and money movement solutions for financial institutions. Founded in 2011 by Louis Hernandez Jr. and Fran Duggan, the company established itself by offering a cloud-based, open API platform designed to help banks and credit unions modernize their payment services. Hernandez, a repeat entrepreneur with a background in fintech, including leading Open Solutions (which was acquired by Fiserv), founded the company in Glastonbury, CT, with the goal of reshaping the payments industry. The company's core offering, the MoveMoney Platform, enables person-to-person (P2P), account-to-account (A2A), and bill payment functionalities. This platform was designed to displace legacy systems, allowing financial institutions to offer their customers a unified and simplified experience for managing their finances across various devices.

The business model centers on providing this technology as a service to financial institutions, which in turn offer these advanced payment capabilities to their consumer and business clients. This strategy helps banks and credit unions compete with non-bank payment apps by enhancing customer engagement and retention. The platform's architecture, available via API, SDK widgets, or SSO integration, provides flexibility for clients. Key features include real-time payment processing using debit card rails, electronic bill presentment (eBill), and robust fraud management tools. Before its acquisition, Payveris served over 300 financial institutions and fintech partners.

A significant milestone in the company's history occurred in September 2021, when it was acquired by Paymentus Holdings, Inc. for approximately $152.2 million in cash and stock. The acquisition was a strategic move by Paymentus to accelerate its expansion into the financial institution market and to integrate Payveris's technology with its own Instant Payment Network®. This combination aimed to create a comprehensive payment ecosystem, giving Payveris's clients access to a broader network of billers and real-time payment options, while expanding Paymentus's reach into the banking sector. Following the acquisition, the Payveris brand was integrated and is now known as Paymentus Banking & Fintech Solutions.