Digital banking solutions provider Kony has collaborated with Payveris to assist financial institutions and lenders to provide secure digital money movement services.

The scope of the service includes Person-to-Person (P2P), Account-to-Account (A2A), bill payment as well as fraud mitigation.

Based in Connecticut, Payveris provides an open-API cloud-based money movement platform allowing financial institutions to offer bill payment, presentment and P2P and A2A transfers.

The Kony and Payveris collaboration is expected to increase operation efficiency by combining all money transfer activities in one platform.

Additionally, the platform will enable monitoring of all transactions to detect frauds, reduce operating expenses and simplify digital money movement for the customers.

Kony senior vice president and general manager Jeffery Kendall said: “We are excited to collaborate with Payveris to provide new, innovative digital payment solutions to empower banks and credit unions to deliver differentiated experiences that will meet their customers’ needs today and in the future.”

The collaboration will also aim to enable the banks explore differentiated money movement opportunities across all channels as well as improve user experience in legacy risk-funding models.

Payveris CEO Ron Bergamesca said: “Together, we will deliver industry-leading financial money movement technology to help financial institutions realise the benefits of utilising a modern, cloud-based platform approach to operating digital payment and money movement.”