Posted: October 26, 2021 at 7:00 a.m. MDT|Update: 2 hours ago
CROMWELL, Connecticut., October 26, 2021 / PRNewswire / – Payveris, a leading provider of real-time money movement for financial institutions and their partners, today announced the launch of Bill Center℠, powered by Paymentus’ instant payment network(D) ecosystem. Bill Center℠ is a fully unified payment hub that gives consumers a 360-degree view of all bills and financial obligations, offers greater payment choice with debit, credit and digital wallet options, and provides notification immediate payment from the biller.
Financial institutions have fallen behind in implementing technological advances in bill payment, resulting in outdated and less practical experiments that have eroded consumers’ dependence on banks and credit unions for payment. bills and money movements. While consumer adoption of electronic bill payments has grown exponentially over the past 10 years, according to Aite-Novarica Group, most of the growth has been seen in billing sites, not in stores. banks and credit unions. The disparity is largely attributed to modernization efforts by billers who have offered consumers more convenience, options and speed.
Despite the trend away from bill payments in financial institutions, the Aite-Novarica Group has found that 74% of consumers want a centralized bill payment solution to simplify their financial lives. To meet this need, Bill Center℠ combines Payveris’ advanced money movement platform, which includes bill payment, account-to-account transfers and P2P payments, with the integrated real-time network of billers. of Paymentus, the instant payment network.(D) ecosystem. The combined offer provides financial institutions with the same quality of service as that currently encountered by the direct billing ecosystem. Bill Center℠ is a differentiated solution that improves consumer engagement, relationship depth and retention for banks and credit unions. Billers are also expected to benefit from the adoption of Bill Center℠ by financial institutions, as more payments will be published in real time on their billing systems.
“Billers are not trying to disintermediate financial institutions. In fact, they see financial institutions as an important channel for paying bills,” said Talie baker, strategic advisor, retail banking and payments, Aite Novarica group. “Paying consumer bills is a high-stakes digital banking capability for financial institutions. It is a key indicator of the primacy of an institution and it helps boost customer engagement, loyalty and revenue. The Payveris Bill Center℠ looks like a solution that can help financial institutions re-energize the use of online bill payment. “
The instant payment network(D) currently enables millions of consumers to receive and pay bills instantly using their favorite debit card, credit card or digital wallet through Amazon Alexa, in their PayPal app, and at companies like Walmart. Bill Center℠, powered by the instant payment network(D), is the banking app that offers this same functionality in real time to customers and members of banks and credit unions and is available through APIs, SDK widgets and seamless single sign-on integration.
“Everything we do at Payveris is aimed at helping financial institutions improve the digital experience and financial well-being of their customers,” said Marcel the king, innovation director of Payveris. “We’re helping put banks and credit unions back at the center of their customers’ digital payments. Not only will Bill Center℠ bring back the rigidity of bill payment, but the data that financial institutions capture will also provide critical insight into customers’ payments and behaviors, enabling them to deliver more relevant and contextual information and services that improve lives. financial support of their clients. “
Payveris, a division of Paymentus, is the creator of the MoveMoney℠ platform, an open API, a cloud-based platform that enables more than 265 financial institutions to control, simplify and extend digital payment capabilities and more engaging money flow to their users through any application or device while dramatically reducing operating costs and securing their IT investment. Visit www.payveris.com to learn more.
Paymentus (NYSE: PAY) is a leading provider of cloud-based bill payment technologies and solutions for more than 1,300 billers across North America. Our omnichannel platform provides consumers with easy-to-use, flexible and secure electronic bill payment experiences through their preferred channel and payment type. Paymentus’s proprietary instant payment network®, or IPN, extends our reach by connecting the platforms of our IPN partners and tens of thousands of billers with our integrated billing, payment and reconciliation capabilities. For more information, please visit www.paymentus.com.
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