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Malauzai and Payveris Collaborate to Offer Highly Efficient, P2P Payments Services

March 3, 2024         By: Michael Cheng

Malauzai Software and Payveris announced a strategic partnership that aims to meet the growing demand of faster payments.

At the moment, person-to-person (P2P) solution models have a reputation for being slow and unreliable. The duo plans to address this by integrating Malauzai’s SmartApps and Payveris’ bill pay account-to-account (A2A) transfer and P2P payments via Payveris’ PayItNow network.

“Malauzai and Payveris are working together to enable financial institutions to do just that by offering an integrated seamless banking and payment solution that provides FIs with a distinct competitive advantage and offers the best digital payment and money movement experience whether it’s paying a bill, transferring between financial accounts or paying a friend,” mentioned Jeff Weikert, president of Payveris.

Customers using the mobile banking SmartApp are able to send and receive P2P payments via email or text message. The platform uses a security question as an extra precautionary measure to prevent unwanted transactions.

The collaborators’ latest offering is currently being used by First United Bank. The Texas-based financial establishment intends to market the new service to millennials, as well as individuals who need alternative payment options that go beyond traditional banking.

Kevin Carson, chief technology officer of First United Bank, said, “By working with Malauzai and Payveris, our bank will be the trusted destination for customers seeking quick P2P payments. Our local market is home to several colleges and universities and it’s very important for us to serve the needs of the millennial demographic. To remain competitive, we must offer digital services that are fast, convenient and easy to use. We’ve fulfilled all of those needs with this partnership.”

First United Bank is in the process of launching online and in-branch promotions to push its new payments service to various locations.