MX, Payveris Partner on Money Movement Services

Financial data platform MX and integrated money movement offering Payveris are getting together to improve account connectivity for U.S. financial institutions (FIs) and FinTechs as part of an effort to expand the reach of money movement services, according to a press release.

The partnership will allow organizations to offer intelligent digital payment and money movement services to their customers and through the Payveris MoveMoney platform and suite of open applications programming interfaces (APIs), software development kit (SDK) widgets and single sign-on (SSO) products, the release stated.

“Financial institutions are looking for easier ways to automate their processes around bill payments and movement of money,” said Payveris Vice President of Product Management Chirag Patel in the release. “Banks and credit unions are looking to have a major role in delivering the best experience possible for their users. With MX’s industry-leading financial data platform and modern connectivity, we’re making the payment experience seamless — the way consumers move and manage money — and simpler than ever.”

MX Co-Founder and Chief Technology Officer Brandon Dewitt said in the release: “We respect Payveris as a leader in the money movement space, and we’re excited about this partnership because it will help our joint customers have full control over almost every aspect of the experience for money movement.”

Cloud-based bill payment platform Paymentus Holdings announced last month it will acquire Payveris in part to boost Payveris’ MoveMoney service.

Read more: Bill Tech Firm Paymentus Signs Acquisition Deal With P2P Startup Payveris

Last month, MX announced that it partnered with credit union BECU on the Quick Save mobile app feature. During the five-month pilot, Quick Save members transferred more than $2 million into their savings accounts, an 18% increase in savings for low-balance customers and a 26% increase in money movement through mobile transfers.

Read more: MX Partners With BECU on Quick Save Mobile App Feature