MX, the financial data platform, and Payveris, the integrated money movement platform, are partnering together to expand seamless, low-cost, and low-risk money movement services by improving account connectivity for nearly every U.S. financial institution or fintech company.
With the new integration, organisations can deploy intelligent digital payment and money movement services to their customers and utilise the Payveris MoveMoney platform and suite of open APIs, SDK widgets, and SSO products. The new experience is embedded into an integrated money movement solution.
“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,” said Brandon Dewitt, Co-founder, and CTO of MX. “Payveris has a long track record of strength, security, and reliability in lowering the friction to the user experience, significantly reducing operating costs, and future-proofing their IT investment.”
“Financial institutions are looking for easier ways to automate their processes around bill payments and movement of money,” comments Chirag Patel, Vice President of Product Management at Payveris. “And, banks, 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 — simpler than ever.”
To gain additional insight into the formation of this partnership, and what it’ll mean for customers on both sides, we spoke with David Whitcomb, the VP of Product at MX.
Why did MX choose to partner with Payveris over any other cloud-based platform?
As MX looks at partnerships we look for partners who are culturally compatible, technologically forward-looking, and that have overlapping client bases. Payveris fit this mold quite well. The Payveris team has been building their technology and client base for the past few years, and a mixture of common clients as well as an early integration in 2020 helped prove out their technology to MX.
Payveris’s ability to embed MX technology was the next step, and they have stepped up to the plate. We think this partnership is symbolic of MX’s ability to be the platform that brings together fintech and financial institutions and are excited to see what comes of it. Our announcements early this year working with Moov and Dwolla show that we’re making steps to broaden our payment partner ecosystem, and we expect to see continued growth in our partnerships over the next 6 months.
How long had the partnership been in the pipeline before being announced?
A common client began our interactions at the developer level in late 2019 to early 2020, giving MX the first taste of Payveris’s technology. The official partnership has been in the works for the past 5 to 6 months, and we’re excited to see how their integration of MX’s modern connections impacts their client base.
How will this partnership affect MX’s growth plan and roadmap?
This partnership falls in line with MX’s growth plan. We have a balanced approach of direct sales and partner sales, and our Payveris partnership gives us a balance of both. Existing clients have the flexibility to use existing tools, and now can be obtained through Payveris. We continue to work at partnerships leveraging this model to fill our pipeline.
Regarding the roadmap, MX continues to focus on our ability to be the platform of choice for FinTech and financial institution partnerships. Our significant financial institution client base combined with our market-leading modern connectivity will continue to grow, and we’ll continue to develop new capabilities that bring the two worlds closer together over the upcoming year, and those capabilities will be a large part of our success.