Kony Inc., a provider of digital banking products, has announced a strategic partnership with Payveris LLC, a provider of digital money technology to financial institutions, according to a press release.

Kony said the Payveris partnership will enable it to help banks and financial institutions deliver highly-secure digital money movement services, including person-to-person, account-to-account, bill payment, and fraud mitigation.

Payveris offers a scalable, open-API cloud-based money movement platform that enables financial institutions to offer bill payment and presentment, P2P and A2A transfers, and integrated fraud monitoring all from a single platform, according to the release.

Key benefits of the Kony DBX and Payveris partnership to banks and credit unions:

• Complete control of the user experience allowing for unique and differentiated money movement opportunities across all channels.
• Reduced costs and increased operating efficiencies by consolidating all money movement onto one modern cloud-based platform, thereby eliminating multiple rigid, costly and dated technologies.
• Reduced fraud losses by enabling banks and credit unions to identify and stop potentially fraudulent transactions.
• Elimination of funding risk and inconsistent user experiences inherent in legacy risk-funding models.
• Virtually no downtime, unlimited scalability and complete operating redundancy.

"The banking industry is undergoing one of the most disruptive tectonic shifts in modern history. In order to effectively compete in this digital era, banks must evolve to meet the rapidly changing expectations of their customers," Jeffery Kendall, senior vice president and general manager of Kony, said in the release.