CROMWELL, CT, November 19, 2020:
Timely response to limited in-person branch support due to pandemic – Partnership expands VyStar’s relationship with the fintech leader from initial Payveris CU investor to official client.
Payveris announced today it now delivers VyStar Credit Union, the 18th-largest credit union in the U.S. by asset size with $9.7 billion in assets, the power to quickly fund new accounts opened online as the pandemic limits in-person access to financial services. In September, its first month of operations, VyStar’s new service enabled more than 1,200 VyStar members to digitally open a new account, with the total user experience taking less than 5 minutes to complete.
Financial institutions behind the fintech curve are at greater risk of losing customers, on top of realizing flat account growth, as the events of 2020 heighten consumer demand for digital financial services. While many individuals are opting to stay home and limit exposure to public spaces, being able to quickly fund and open accounts remotely has become a priority for consumers. A recent U.S. Banking Advice Satisfaction study found nearly one-third of new account openings are currently done online through a bank website or mobile app, up 50% from 2019. Although most financial institutions now recognize the importance of digital banking solutions such as VyStar’s new offering, many are unable to innovate because of technical debt incurred from bolting on siloed fintech offerings to legacy banking models.
“Building better digital capabilities to further empower our members and prospective members was a key 2020 initiative for us, and became even more important as the pandemic grew and we had to modify in-person operations,” said Joe Colca, Senior Vice President, Digital Experience at VyStar. “We’re extremely proud to be the first and only credit union that offers this capability by combining Payveris’ MoveMoney Platform with instant account verification technology to offer a truly seamless funding experience.”
While many of the largest U.S financial institutions have historically outsourced online account opening technologies to third parties, VyStar opted to build its own solution in-house to achieve total control of the design of the user experience. Utilizing Payveris’ open API platform, it achieved the best flow for the funding part of the equation. The result is a much faster, more innovative member service.
In 2019, VyStar became the first investor in Payveris CU, a wholly owned registered Credit Union Service Organization of Payveris focused on financial wellness and innovative money management capabilities.
“What’s most impressive about VyStar, is that they identified a solution to an unexpected challenge,” said Ron Bergamesca, Payveris CEO. “And together, the implementations teams at both Payveris and the credit union, moved quickly to deliver this solution to the market. Typically, this kind of project takes upwards of a year to go live, but our collective team launched it in just four months! We are extremely proud of this achievement.”
About Payveris
Payveris is the creator of The MoveMoney Platform, an Open API cloud-based platform enabling financial institutions to control, simplify, and extend engaging intelligent digital money movement capabilities to their users through any application or device while significantly reducing operating costs & future-proofing their IT investment.
About VyStar
VyStar Credit Union is the largest credit union headquartered in Northeast Florida. VyStar now serves over 735,000 members, with assets totaling more than $9.7 billion. VyStar membership is open to everyone who lives or works in the 49 contiguous counties of Central to North Florida and the Southeast Georgia Counties of Camden, Charlton, Glynn and Ware.