The Expedited Bill Payment Opportunity for Banks
Glenbrook's Allen Weinberg and Jim Salters attended this week's Payments 2008 conference in Las Vegas. Jim has just posted a new report about the expedited bill payment opportunity for banks.
Jim writes: "For years, bank-offered bill pay has been a net cost to banks. However, banks and their service providers have been increasingly looking for ways to shift those payments from a net cost, to a source of revenue."
Bill Payments were a hot topic at NACHA 2008. Most major utilities and large volume billers want to send bills electronicaly and get paid directly from online banking.
UseMyBank has a low cost per transaction white label solution for Billers to process debit transactions instantly on their own site in real time. Our widget adds the Biller in two clicks and provides an instant payment confirmation.
We have a revolutionized the payment industry by leveraging the existing global online banking systems to facilitate real time instant debit (like cash) payments for Billers and Sellers.
Billers can also accept instant debit payments for online sales.
http://www.usemybank.com/billers.asp
UseMyBank increases the effectiveness of the existing online bill payment process with all major banks.
- The payment is reported instantly in real time.
- Payments are deducted in real time.
- Your customer only needs to authorize the payment.
- The account number, amount and client name are entered electronically.
- Private branding through your website rather than the bank.
- Complete control over the customer interaction.
Increase customer adoption of electronic bill payments.
Thank you,
Brian Crozier
Posted by: Brian Crozier | May 22, 2008 at 10:56 AM
It's about time banks have begun to look at this. We launched "Quick Collect" at Western Union back in 1989 which enabled banks and others to collect funds from delinquent consumers same-day. MoneyGram followed shortly after with Express Payment. In both cases consumers were more than happy to pay a fee to have their payments processed same day. Surprised the banks took this long to catch on to a sizeable fee income opportunity!
Posted by: Stuart A. Reis | May 23, 2008 at 05:18 AM