ROCKY HILL, Conn., June 20, 2017 (GLOBE NEWSWIRE) -- Liberty Bank and Payveris have announced they are in the process of upgrading the $4.5 billion Middletown-based bank’s consumer and small business bill pay product to Payveris’ digital payments platform. The upgrade is expected to be introduced to Liberty Bank customers in the fourth quarter of this year. Payveris, based in Rocky Hill, offers a cloud-based money movement platform, including bill pay, P2P, A2A and eBill, which empowers financial institutions to take command of their customers’ digital user experience.
“Liberty Bank is a customer service-first organization, and a robust digital experience is critical to delivering on our brand promise,” says Patricia Jatkevicius, the bank’s executive vice president and chief marketing officer. “We expect our relationship with Payveris will vastly improve Liberty Bank’s bill pay functionality and deliver a consistent service experience for our customers due to Payveris’ advanced technologies and its deep knowledge of how banks actually operate.”
In addition to providing a superior customer experience, Payveris will support Liberty Bank in reducing back-office overhead through its demonstrated aggressiveness onboarding new electronic payees—reducing the cost, confusion and inconsistencies of legacy bill pay systems that continue to rely heavily on paper-based payments and dated payment models.
As part of a rigorous three-year strategic planning process, Liberty Bank identified the need to expand and improve its digital channel, starting with the bank’s website and incorporating all elements of digital banking. The bank spent the next year and a half exhaustively evaluating potential service providers, concluding that to maximize its competitive position, it needed to bring together leading providers in each product category.
According to Jatkevicius, the days are gone when a community bank, like Liberty, could presume that its personal service and geographic proximity alone would win customers and keep them loyal.
“Today’s consumers are discerning and they know they have choices,” she explains. “To be competitive, we must offer our customers the very best products available, and that means not settling for what ‘one-stop-shops’ might offer. It’s a significantly more challenging approach and led our search committee to evaluate several providers in each digital specialty. And, it’s why we chose Payveris to support our customers’ bill pay needs.”
To ensure consistency in its multi-vendor environment, Liberty Bank has facilitated new partnerships among its vendors and, as a condition of engagement, required vendors to work cooperatively to ensure a seamless user experience across all products. This includes the ability for customers to move seamlessly from service to service and a uniform look and feel that promotes Liberty Bank and is consistent with its brand image. Payveris’ widget framework enabled the tight bill payment integration that Liberty was looking for.
“Combining vendors to get the best of the best is definitely the more challenging route,” adds Jatkevicius. “But it’s the approach that will achieve the best outcomes for our customers and that’s what matters most to us.”
“The rigor and intellectual energy Liberty Bank applied to creating its strategic plan and then seeking out the best providers underscores the value of community banks to the consumers and businesses they serve,” comments Ron Bergamesca, Payveris CEO. “We’re honored that Liberty Bank recognized the value we’ve built into our bill pay product—and all of our products—and our commitment to being a best-in-class provider.
“Liberty Bank represents the best kind of partnership between a client and provider.”
About Payveris: Payveris’ cloud-based money movement platform empowers financial institutions to take command of their customers’ digital user experience as well as their IT and payments operations, while introducing innovative products that win and retain customers—today and in the future. Its integrated platform, extensible gateway API and suite of widgets support payment services from any application or device, reduce IT and operations complexity, and futureproof IT investments—all while significantly reducing out-of-pocket expenses.
About Liberty Bank: Established in 1825, Liberty Bank is Connecticut’s oldest bank, with almost $4.5 billion in assets and 55 banking offices throughout the central, eastern, and shoreline areas of the state. As a full-service financial institution, Liberty offers consumer and commercial banking, home mortgages, insurance, and investment services. Named as a “Top Workplace” by the Hartford Courant for five consecutive years, Liberty maintains a longstanding commitment to superior personal service and unparalleled community involvement.