Digital banking firms Backbase and Payveris have signed a partnership deal which will see the creation of an integrated digital payments solution, reports Alex Hamilton of Fintech Futures, Finovate’s sister publication.

According to the two firms, their combined offering will enable financial institutions “of all sizes” to deliver “next generation” payment and money movement services.

“The banking industry’s legacy payment infrastructures are increasingly fragmented, inflexible, costly, and difficult to integrate with,” the companies write in a press release.

“Backbase’s raison d’être is clear: to develop and deliver efficient, effective tools that help financial institutions accelerate their digital transformation and provide superior digital experiences for customers,” said Jouk Pleiter, Backbase CEO. “By integrating the Payveris solution into our own, we are solving yet another pain point for the industry. Banks and credit unions have been crying out for a way to modernize and simplify their payments operating environments.”

Marcell King, chief innovation officer at Payveris, added, “By combining the power of Backbase’s progressive digital banking platform with the flexibility of Payveris’ open API MoveMoney Platform, you end up with a real wow-factor for a user interface, with functionality that delivers low friction digital money movement and management.”

At FinovateEurope 2018, Backbase unveiled the Customer OS in a demo that won the Amsterdam-based company Best of Show honors for the fourth time. Last July, the company teamed up with Jumio to deliver online ID verification services and in December the company partnered with Polish bank BGŻ BNP Paribas Bank.