Issuers Earning New Interchange Revenue from Bill Payments
Yodlee has announced that its proprietary DirectPay card payment network now supports over 300 national and regional billers, enabling new revenue generating credit and debit card based electronic bill payments. Yodless says that "the 300 DirectPay billers represent over 40 percent of major U.S. billers by volume and give most consumers the opportunity to pay nearly half of their bills by card each month."
For financial institutions, Yodlee’s patented DirectPay card payments generate new interchange revenue with every credit or debit card based bill payment made. Because a typical Yodlee DirectPay payment averages over $125 per bill paid, financial institutions can generate $30 or more in new interchange revenue per bill per year. With Yodlee’s extended biller coverage, a typical consumer could elect to pay between three and five bills per month with his/her card – generating new interchange revenue of up to $150 or more per consumer per year.
“Thousands of financial institutions both issue cards and provide online bill pay services to their customers,” said Joseph Polverari, SVP Strategy & Development at Yodlee. “Linking those offerings in a way that generates significant new, recurring revenue and enhanced customer satisfaction represents a considerable advance in online bill pay – one only Yodlee can deliver. Yodlee bill pay solutions, including Yodlee PayItAll, Yodlee DirectPay and Yodlee’s urgent payments solution, Yodlee PayToday, make it possible for any financial institution to significantly improve the economic performance of its online bill pay offering, turning what historically is a cost center into a new revenue generation and retention tool.”
Add your comment... (note that all comments are reviewed before they're published)