VyStar invests in new digital payments CUSO
VyStar Credit Union in Jacksonville, Fla., was part of a $10 million capitalization of PayverisCU, a recently formed digital payments credit union service organization.
The CUSO will use the MoveMoney Platform from Payveris along with data aggregation and artificial intelligence to promote financial wellness and help with money management for members of credit unions, Payveris said on Monday in a press release.
The $8.7 billion-asset VyStar is the initial investor and invested an undisclosed amount in the CUSO. The funds will be used to build PayverisCU’s operations and aid in product development of MoveMoney, which is a cloud-based digital payments service. Payveris expects another five to 10 credit unions to invest in the CUSO.
Payveris decided to form the CUSO to ensure it was meeting the needs of its more than 180 credit union clients, CEO Ron Bergamesca said in the press release.
“As an investor-member of PayverisCU, we look forward to partnering with the Payveris team to bring digital payments and financial wellness innovation to consumers,” Chad Meadows, chief operating officer at VyStar, said in the press release. “Intelligent and seamless money movement is a critical element of delivering a world-class digital experience. Payveris, with its modern technology, vision and leadership, stands alone as the right partner to ensure credit unions can successfully compete with the most sophisticated fintechs.”