Payveris Receives $5.2 Million in New Funding

Payveris Receives $5.2 Million in New Funding

Payveris' Advanced ePayments Platform Dramatically Improves Online and Mobile
Bill Payment Experience at Banks and Credit Unions

WETHERSFIELD, Conn., July 1, 2013 (GLOBE NEWSWIRE) -- Payveris LLC, a next
generation online and mobile payments company that offers a full range of bill
payment and interbank transfer solutions to banks and credit unions, has
received a total of $5.2 million in funding, led by Ironwood Capital
Connecticut and Connecticut Innovations. Other investors include David Dame,
managing director of Sorenson Capital and Louis Hernandez, president and CEO
of Avid Technology, Inc. and former chairman and CEO of Open Solutions.

Payveris will use the funds to support its growing network of distribution
partners and clients and expand its sales and marketing capabilities,
according to Payveris President Fran Duggan. The company continues to invest
in its cloud-based payment platform to offer unique processing solutions that
meet the demands of today's online and mobile customers.

"Banks and credit unions were created to facilitate commerce and are highly
regulated to ensure that people's money is protected. However, their
technological capabilities have not kept pace with today's increasing demand
for online and mobile payment choices," Duggan said. "Payveris' ePayments
technology can help banks reduce transaction costs and reclaim their role as
the trusted provider of payment services."

With a fast-growing roster of bank and credit union clients, Payveris has
brought to market a new, proven ePayment option that provides clients with
bill payment and money movement capabilities for their online and mobile
banking customers at lower costs than other processing solutions. With the
only cloud-based payment-processing platform in the market, Payveris' ePayment
technology gives banks a more integrated offering that creates a better user
experience than what is available today.

Payveris' services are available through application program interfaces (APIs)
that provide distribution partners and financial institution clients with a
library of moveable widgets to innovate and control the remote user's

"Payveris' robust product offerings place the company at the forefront of a
constantly evolving industry that supports mobile and internet banking and
provides a solution for community banks, credit unions and their customers
that is equal to or better than that offered by much bigger banks," said
Ironwood Capital Connecticut Managing Partner Victor Budnick. "We are pleased
to provide funding at this critical time of expansion and help build Payveris
in Connecticut."

"We were particularly attracted by Payveris' unique positioning as an
independent provider of bill pay services, which is very appealing to both its
market and to bank regulators," said Claire Leonardi, CEO of Connecticut
Innovations. "Payveris' management team has a deep command of banking industry
challenges and a long history of solving them, and the company's progress in
reaching key milestones has been impressive. We are pleased to participate in
this round of funding."

For more information or to schedule a demonstration of the Payveris ePayments
platform, contact Jim Cahill, VP, sales and marketing,,
609-213-7170, Payveris LLC.

About Payveris LLC

Payveris is a next generation online and mobile payment company offering full
service online bill pay and interbank transfer solutions for financial
institutions and service providers. The company's cloud-based platform,
advanced technologies and full suite of APIs allow partners and financial
institutions to deliver a more integrated and customized solution at a lower
cost. Payveris' innovative payment platform combined with its "white label"
business model provides core processors, online banking providers and other
providers of remote banking services a powerful solution for their financial
services clients. Learn more at

About Ironwood Capital

In 2010, Ironwood Capital, an Avon-based investment management firm, partnered
with Advantage Capital Partners, a leading venture capital and small business
finance firm, to launch a $93 million fund for investment in Connecticut-based
companies. The investment from the Ironwood Capital and Advantage Capital
funds is made possible by the Insurance Reinvestment Fund Program, which is
administered by the Connecticut Department of Economic and Community
Development. For more information on Ironwood Capital, please visit

About Connecticut Innovations Inc.

Connecticut Innovations is the leading source of financing and ongoing support
for Connecticut's innovative, growing companies. To maximize each business's
growth potential, CI tailors its solutions and often combines its funds with
resources from other financial leaders to provide venture capital and
strategic support for early-stage technology companies; flexible loans for
established companies with new innovations; grants that support innovation and
collaboration; and connections to its well-established network of partners and
professionals. Through all these initiatives, CI has helped bring $4 billion
in financing to Connecticut companies. The state's most active early-stage
investor, CI has created more than 26,000 jobs. For more information on CI,
please visit

CONTACT: Jim Cahill, VP, sales and marketing, 609-213-7170, Payveris LLC

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