First United Bank, a $1.2 billion Dimmit, Texas-based community bank, has announced that it will be providing next-day person-to-person (P2P) payments in its online and mobile banking SmartApp. This is being accomplished with the help of the two payments software companies Malauzai Software and Payveris.
Malauzai, a software company that specializes in building mobile & Internet banking SmartApps, is partnering with Payveris, a digital payments service provider, to enable First United Bank users to easily and quickly send person-to-person payments. This is achieved through the seamless integration of Malauzai’s SmartApps and Payveris’ PayItNowTM network services bill pay, account-to-account transfer, and person-to-person payments. Customers can easily conduct payments via email or text message, provided they correctly answer the accompanying security challenge question.
Chief technology officer of First United Bank, Kevin Carson, commented, “More consumers are turning to alternative payment providers to meet their needs, cutting the bank out of the transaction… 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.”
In an increasingly competitive market, it is important that community financial institutions, such as First United Bank, stay on the forefront of new and innovative technologies. As millennial customers constitute a growing division of mobile & Internet banking user bases, companies must strive to provide more convenient and secure ways of banking. With these new implementations, First United is doing just that.
“The reason P2P solutions have not taken off in a bigger way is because the current model is slow and inconvenient,” said Robb Gaynor, Malauzai’s chief product officer. “Payveris has created a single highly secure platform for digital payments that makes the process faster while keeping banks and credit unions at the center of the transactions. We are excited to have this functionality available in our SmartApps to help our community FIs such as First United stay ahead of the payments game.”
(Sources: Malauzai Software; Payveris; Business Wire)