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Payveris
"We're going to keep you relevant with
innovative products that keep [customers]
from going elsewhere,'' he said.
Payveris' business model, plus that it is
"the only independent bill-pay solution left''
is what drew Connecticut Innovations, the
state's quasi-public venture arm, to invest
in the company, said Peter Longo, managing
director of investments at CI and a member
of Payveris' board.
"There is a large group of other banking
core software providers out there looking for
an independent solution,'' Longo said, "and
Payveris provides them with an option that
is not owned by a competitor.''
In addition to the state's technology stake
in Payveris, in Sept. 2013, Payveris got a
10-year, $1.25 million loan at 2 percent inter-
est from the state Department of Economic
and Community Development, to pay for
new computer hardware and software and
to cover overhead. In exchange, Payveris
pledged to retain its eight staffers at the time,
plus add 42 full-time positions by 2018.
According to a DECD spokesman, Pay-
veris is current on the loan. It can earn a
$625,000 "forgiveness credit" if it meets the
loan's job-retention and hiring covenants
by Sept. 9, 2018. If they don't, the penalty is
$25,000 — $1.05 million total — for every job
short of their obligation, said DECD spokes-
man David Treadwell.
As it stands, the hiring target is unlikely,
Bergamesca said. Payveris has scrapped
plans to add a customer call center and about
a dozen jobs at its Rocky Hill base.
"We found that there was not much of a
market need for that service," he said. "We
don't intend on hiring right now. We may if
we continue the momentum that we have.''
In mid-March, Payveris hired Nathan Dudek
as chief technology officer, responsible for
orchestrating the company's technology strat-
egy and business-process optimization.
Online bill-pay is one of the biggest uses
of Payveris' payment network, supported by
its proprietary "PaySafe'' guaranteed funding
model, Bergamesca said. Funds move from
the payer's account to a Payveris account
before being transmitted to the payee.
"We know that when we send a payment
on behalf of you, we know you have the
money. It's not going to bounce,'' he said.
Down the road, Bergamesca said Payveris
covets being able to provide real-time elec-
tronic fund transfers.
"We want to be the central payment hub for
financial institutions,'' the Payveris CEO said.
"What that means is having all of the money-
movement activities be on one platform.'' n
