Fiserv Introduces Intelligent Bill Payment
October 24 2019 - 8:52AM
Business Wire
Electronic payment pioneer is transforming the
bill payment experience with personalized suggestions, increased
automation and unmatched connectivity
Fiserv, Inc. (NASDAQ: FISV), a leading global provider of
financial services technology solutions, is enabling financial
institutions to continue to deliver compelling bill payment
experiences in an increasingly competitive space with a
groundbreaking solution including new features and unmatched
connectivity.
CheckFree® NextSM from Fiserv, which incorporates intuitive
suggestions and increased automation, has been piloted by two top
10 U.S. financial institutions.
“Electronic bill payment has become an intrinsic part of many
people’s daily lives, however, features that were once cutting edge
are now status quo,” said Tom Allanson, division president,
Enterprise Payment Solutions, Fiserv. “Knowing that people have
higher expectations than ever before, we stepped back and
challenged ourselves to make paying bills at a financial
institution as easy and smart as the best digital experiences
people have every day. CheckFree Next is the answer to that
challenge.”
CheckFree Next offers APIs that can empower financial
institutions to efficiently deliver the capabilities customers
expect. Many of these innovative capabilities, including the
groundbreaking Bill Discovery, are possible because of the size and
scale of the Fiserv biller network and the breadth of the company’s
real-time connections. Fiserv has direct connections to more than
600 billers, and the company’s electronic bill pay solutions are
used by nearly 4,000 financial institutions, supporting 29 million
active bill pay users.
“As electronic bill payment has become a mainstream technology,
a variety of players have challenged financial institutions as
providers of the service. Following several years of relative
quiet, innovation in this area has taken off in the past 18
months,” said Krista Tedder, director, Payments, Javelin Strategy
& Research. “Fiserv has a long history in electronic payments
and CheckFree Next reflects a knowledge of the space, capitalizing
on the current trend toward smart digital experiences that
anticipate next steps to streamline experiences.”
Making Bill Payment Simpler
CheckFree Next can make the bill payer’s experience simpler and
less stressful by automating basic tasks. The new Bill Discovery
feature uses proprietary technology to automatically identify and
connect consumers’ billers to their accounts and then establish the
biller as a payee when there is a match.
In addition, payment and data entry is automated, saving bill
payers time and helping to prevent errors.
Making Bill Payment Smarter
CheckFree Next can empower financial institutions to act as
advisors to account holders with more personalized and proactive
experiences. Bill payers can sign up for bill pay reminders and
alerts that provide visibility into when payments are due and when
payments are withdrawn from an account. Bill payers are more
engaged with their financial institutions and gain confidence
through visibility into where their payment sits in the processing
cycle.
Withdraw Now, another new feature of CheckFree Next, allows bill
payers to choose to have their bill payment debited right away or
on a future date, putting them in control and facilitating
financial management.
Making Bill Payment Faster
Real-time capabilities can further enable the control account
holders expect. The real-time capabilities of CheckFree Next
include instant notifications and, later in 2020, will include
real-time money movement.
Soon, CheckFree Next will allow bill payers to receive enhanced
notifications that allow payments to be made in real-time and
instantly reflected in their accounts.
Many of these new features, such as Bill Discovery, will also be
offered as premium add-ons through the other solutions in the
CheckFree product suite: CheckFree® RXP® and CheckFree®
Builder®.
In a world moving faster than ever before, Fiserv helps clients
deliver solutions in step with the way people live and work today –
financial services at the speed of life. To learn more about
CheckFree Next visit Fiserv at Money20/20, booth 4130. Learn more
at fiserv.com.
Additional Resources:
- Next Generation Bill Payment – fisv.co/nextgeneration
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and
information in a way that moves the world. As a global leader in
payments and financial technology, the company helps clients
achieve best-in-class results through a commitment to innovation
and excellence in areas including account processing and digital
banking solutions; card issuer processing and network services;
payments; e-commerce; merchant acquiring and processing; and the
Clover™ cloud-based point-of-sale solution. Fiserv is a member of
the S&P 500® Index and the FORTUNE® 500, and is among the
FORTUNE Magazine World’s Most Admired Companies®. Visit fiserv.com
and follow on social media for more information and the latest
company news.
FISV-G
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version on businesswire.com: https://www.businesswire.com/news/home/20191024005527/en/
Media Relations: Ann Cave Director, External
Communications Fiserv, Inc. 678-325-9435 ann.cave@fiserv.com
Additional Contact: Marcus Hardy Manager, Public Relations
Fiserv, Inc. 801-823-5534 marcus.hardy@fiserv.com
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