Digital payment platform provider Payveris is teaming up with financial technology firm COCC to launch a new service aimed at enabling community banks to offer their customers P2P money transfer tools. Dubbed PayItNow, the white-label service is fully integrated within the existing digital platform COCC provides its client financial institutions—most of which are located in the northeastern U.S.
P2P has been lauded by many industry observers as a key service for banks to offer their customers. But the field is getting crowded, with large banks, such as Chase and U.S. Bank, building their own platforms and non-financial institutions—most notably PayPal Inc. subsidiary Venmo—carving out a significant footholds in the emerging market. Facebook also has staked out territory, launching a P2P function through its Messenger service in 2015. Apple and Microsoft also have explored offering P2P services. There’s plenty of demand to go around, however, with P2P transaction volume projected to grow more than 300 percent from 2014 to 2018, reaching 722.3 million P2P transactions in the latter year, according to 451 Research.
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