Payveris, a US-based money movement leader empowers FinTechs to transform their money movement infrastructure and Bill Pay, engage their customers with frictionless and actionable eBill and subscription data. The company has come up with a new-age loan and debt repayment service entitled Loan Payments®. The service multiple channels and real-time payment systems on the market.
Loan Payments® would be specifically catering the issue of FinTechs to meet growing customer demands for swift, easy-to-use, and secured payment methods and channels. At the same time, it boosts higher consumer engagement and reduces operational transparency.
Marcell King, Chief Innovation Officer, Payveris, supported, “When financial institutions make it complicated to accept and receive payments through coupon books or legacy loan payment systems, borrowers are less likely to consider them for their next loan. Providing choice, speed and autonomy is no longer a bonus, but a baseline expectation for consumers. Financial institutions must seriously rethink their loan payment experience and meet customers where they are, and Loan Payments® can help them get there. Whether that’s an auto loan, a personal loan, or a mortgage, the days of consumers using a coupon book have passed.”
Loan Payments® will offer a true omnichannel experience meeting the expectations of customers for shopping or bill payments. It supports payment methods such as debit card, cash, and e-check/ACH. Along with this, Loan Payments® to enable consumers to choose their preferred payment channel, PayPal app, Amazon Alexa, online, mobile, text, or directly at their bank or credit union.
Melissa Wolff, Vice President, Operations Support and Payment Services, WSECU, stated, “Our first priority is to improve the loan payment experience for members, making it easier and providing them more options. Payveris is helping us do that, and that alone is a big win. But there is also more we gain, including the operational efficiencies that come from no longer managing disparate processes. Now, everything is centralised into one payment processing system, regardless of which option best meets the needs of an individual member.”
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