LowerMyBills.com Introduces Yodlee-powered Online Bill Payment

"What it boils down to is that consumers want an easy, comprehensive personal billing system to research the lowest possible rates coupled with a fast, safe method for payment," said Matt Coffin, Founder and Chief Executive Officer of LowerMyBills.com. "Yodlee's unique technology has allowed us to create unparalleled utility for our customers by providing significantly greater presentment features and zero lag time on payments. As one of the first providers of the free BillDirect model for consumers, we now have a significant edge in our market."

Online bill payment has become one of the fastest growing applications on the Internet. In fact, according to a January 2004 Gartner Group report, by 2007, 65 million U.S. adults will view their bills online. Today, most consumers view and pay their bills directly at their billers' Web sites. The reason for this trend is the user-friendly functionality of the biller Web sites, including same day payment, acceptance of credit cards and other alternative payment options, immediate confirmation of payment, bill presentment, and free payment. What becomes cumbersome to users, however, is the need to visit ten or more websites each month and an inability to centrally manage and track their bills in one place. BillDirect is the first solution to enable users to easily view, manage, and consolidate all their online bills from one Web site while providing deep links to the biller sites for payment.

"We believe the BillDirect model will play a significant role in the acceleration and adoption of online bill presentment and payment, and we're thrilled to add LowerMyBills.com to our list of customers leveraging this technology," said Anil Arora, CEO of Yodlee. "From the leading portals to global retail banks and brokerages, the financial services community is looking for a more affordable way to offer a rich EBPP solution for consumers, and at the same time accelerate the adoption of online banking and payments."

BillDirect leverages Yodlee's core iFinity aggregation platform -- which has the unique ability to pull individual account data from over 8,000 sources, including billers, brokerages, banks, credit card issuers, insurance providers, lenders, travel agents, email providers, and more. This enables Yodlee to present and pay bills for more than 2,700 billers and offer value-added capabilities like historical charting and transaction-level alerts to help users proactively manage how they're accruing expenses at their billers throughout the month.