Malauzai Software and Payveris are partnering to bring next-day, person-to-person (P2P) payments to customers of First United Bank in Texas.
Kevin Carson, Chief Technology Officer for First United, said the partnership will help his bank deal with the threat of alternative payment providers “cutting the bank out of the transaction.” Carson says that by working with Malauzai and Payveris, “Our bank will be the trusted destination for customers seeking quick P2P payments.”
The partnership will integrate SmartApps from Malauzai and the billpay, account-to-account transfer and P2P payment functionality of Payveris’s PayItNow network. The resulting technology will bring P2P functionality to SmartApps, enabling secure P2P payments using email or text message.
Adds Carson, “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.”
Jeff Weikert, Payveris’s president, says the partnership is an opportunity to offer an “integrated, seamless banking and payment solution” that provides banks and FIs with a competitive advantage while providing a superior experience for the customer “whether it’s paying a bill, transferring money between financial accounts, or paying a friend.”
Rob Gaynor, chief product officer for Malauzai Software, presented at FinovateFall 2014 in New York.
According to both parties, the partnership between Malauzai and Payveris will help the industry overcome major pain-points that block the way to wider adoption of person-to-person payments. Malauzai’s Chief Product Officer Robb Gaynor said, “The reason P2P solutions have not taken off in a bigger way is because the current model is slow and inconvenient.” Gaynor pointed to Payveris’s “highly secure, digital payments platform” as key to accelerating the process, as well as “keeping banks and credit unions at the center of the transactions.”
Founded in 2009 and headquartered in Austin, Texas, Malauzai Software specializes in mobile and online apps for small- to medium-sized banks and credit unions. Malauzai provided the technology behind BankMobile’s “millennially-focused” banking app launched in January, and unveiled its own SmartMarketing program to help promote mobile banking in December. Southern Bank adopted Malauzai Software’s PicturePay technology back in October. Tom Shen is Malauzai Software’s CEO and co-founder.
Malauzai demoed its technology as part of FinovateFall 2014 in New York.