ACI Worldwide epayment systems announced ACI Bill Presentment Services, a new outsourced offering that provides electronic bill presentment tailored for the unique needs of organisations in consumer finance, insurance and utilities. With pre-integration to a growing list of document processing service providers, Bill Presentment Services leverage existing bill storage to present bills everywhere consumers want to view them, thereby reducing IT costs. Now it’s much easier for billers to provide a compelling consumer experience that converts consumers from using high-cost paper bills to low-cost electronic bills. ACI Bill Presentment Services equip billers with the following capabilities in an effort to maximise consumer convenience and move their customers away from paper – ultimately saving costs. ACI Bill Presentment Services are part of the ACI Bill Payment Engine, a sophisticated outsourced processing platform that orchestrates all of the complexity of electronic bill presentment and payment (EBPP) processing to deliver the best results possible.
Chase, Capital One and Barclaycard have entered into agreements with Isis enabling their credit, debit and prepaid cards to be placed into the Isis “Mobile Wallet.” Starting in mid-2012, consumers will be able to load their eligible Chase, Capital One and Barclaycard cards into their Isis Mobile Wallet and shop at participating merchants. The Isis “Mobile Wallet” will provide consumers a convenient and secure way to pay, redeem coupons and present loyalty credentials through a tap of their phone. Chase, Capital One and Barclaycard will tailor their cardholder service experience within the Isis Mobile Wallet to reflect their respective brands and ensure a seamless and secure experience across physical cards and mobile platforms.
A team of veterans from some of the biggest companies in banking, retail and e-commerce – including former eBay and Best Buy CMO Mike Linton, former Visa executive Jim Taschetta and ClairMail founder Joe Salesky – announced at FinovateSpring 2011 its “FreeMonee” national cash-gift network. The “FreeMonee” solution will let merchants give “gifts” directly to individual credit and debit cardholders through participating financial institutions. FreeMonee gifts are cash incentives that function like a gift card on an individual’s debit or credit card. With FreeMonee gifts, consumers can purchase anything they choose at the designated merchant — no strings attached — by simply using their debit or credit card. It delivers high value gifts to the right consumers at scale with its Adaptive Matching Technology (AMT), which analyzes the transaction data of hundreds of millions of debit and credit card holders – while protecting privacy – and precisely matches merchant gifts with profitable consumer prospects that are likely to redeem based on previous purchasing patterns and predictive analytics.
GoPayment is now compatible with more than 40 popular mobile handsets and a range of credit card readers. This includes a free credit card reader from ROAM Data, which works on a variety of iPhone, Blackberry and Android devices, to make it easier for the cost-conscious new business owner to start taking mobile payments. There are also other robust, professional readers, including the new, sleek, form-fitting mophie credit card reader for the iPhone 4, for established businesses with higher processing volume. A list of supported devices is available at: www.gopayment.com. GoPayment charges no monthly service fee for businesses that sign up before mid-February and discounts rates to 2.7% for card swiped; 3.7% for both key entered and non-qualified transactions; and $0.15 per transaction.
Wells Fargo has added Banco De Oro Unibank and M. Lhuillier to the Wells Fargo “ExpressSend” remittance network, tripling its total payout locations to over 2,800 branches and 2,900 ATMs. BDO has over 700 branches, nearly 1,400 ATMS and was named the #1 commercial bank for Overseas Filipinos Remittances for 2008 and 2009 based on volumes. The bank has several rural bank partners and is part of the growing network of SM shopping malls throughout the Country, where customers may claim their remittances. BDO has nearly 2,700 remittance pick up locations around the Philippines.
Visa and Bancomer Transfer Services have launched a money transfer service that will provide an additional alternative for consumers that send money from the United States to friends and family living abroad. Consumers will be able to initiate a Visa money transfer transaction at any BTS location in the United States. The Visa money transfer transaction can reach any eligible Visa account in the world, including all key remittance destination countries, including El Salvador, Brazil, China and The Philippines, with plans to extend the program to allow remittances from BTS locations to any country within the Visa network. The Latin America corridor is one of the largest money transfer markets in the world, with a total of USD $58.8 billion transferred in 2009. In 2009, BTS alone accounted for USD $10 billion in consumer funds transferred to Latin America, making BTS one of the largest processor of remittances for this region. Other large remittances markets served by BTS from the U.S. include Asia, Europe and Africa.
A new report from Aite Group reveals that 45% of underbanked customers
pay bills by mail.
The “Impact Report” shows that traditional bill payment methods retain
dominance with unbanked and underbanked consumers. Cards, online
payments, and direct debit have made only small inroads into bill
payments in this market – a market that continues to rely on checks,
cash, and money orders.
Aite has released a new report that focuses on ten trends that will impact the banking industry in 2010.
Political, regulatory, and economic forces have put pressure on the
business model of U.S. banks to evolve or fall behind and
impact every facet of the banking and payments arenas. The space is
simultaneously experiencing changes in credit card-issuing practices
(Credit CARD Act ), stricter overdraft regulation (regulation E),
overall scrutiny and political pressure regarding bank fees, political
and regulatory pressure against payday lending and any form of
alternative financial services, merchants’ lobbying for interchange
regulation, the prospect of sustained high unemployment around 10% in
the foreseeable future, the deterioration of creditworthiness of large
swaths of consumers and small businesses, and regulators’ pressure on
banks to raise their capital ratios.
New research from Aite Group examines the progress in biller direct
and walk-in bill payment vendors.
The biller direct and walk-in bill payment market remains heavily
dominated by in-house processing, although third-party vendors have
carved a niche in handling Web, call-center/IVR, walk-in, and
kiosk-originated payments. Vendors have strong organic growth
opportunities from consumers and small businesses shifting from paper to
electronic payments, as evidenced by the growth of bill payments
processed via the biller direct and walk-in channels.
Vendors mentioned in the report include Alacriti, BNY Mellon, FIS,
Fiserv, IPP of America, JPMorgan Chase, Kubra, MoneyGram, Online
Resources, Oracle, Tier Technologies, and Western Union.
Fiserv has been recognized as a top online bill payment processor by the Aite Group. In the Aite report, “Online Banking Bill Payments: A Vendor Performance Update”, Aite Group highlighted the performance of leading online bill payment processors from 2006 through the first half of 2009. Aite evaluated each provider against 21 key criteria, including number of end-users, transaction market share, bill presentment capabilities and processing speed. Fiserv was recognized as one of the best overall performers in the assessment. According to Aite, Fiserv processes more transactions than all of the other providers in the report combined and supports the largest number of bill pay end-users in the industry. The company also leads the small business bill pay market in customers and transactions. Fiserv has the greatest share of electronic bills (e-bills) delivered within the online banking channel, with an estimated 93% of e-bills as of 2008 with 80% of Fiserv payments are processed same-day or next-day, a leading figure among the providers evaluated in the report. Fiserv leads all other providers listed in the report in the number of small business customers and number of small business transactions, providing financial institutions with payments flexibility across multiple lines of business.
Walmart moves deeper into financial services by offering consumers low priced bill-paying services via its 3,755 domestic locations, including Walmart SuperCenters and Neighborhood Markets.
The retailing behemoth succeeded in driving down prepaid card prices to $3 and now offers next day “CheckFreePay” service from Fiserv for less than $2. Walmart already caps the check cashing fee at $3 for payroll and government checks. The “Walk-in Bill Payment and Same Day Bill Payment” services includes “Standard Delivery Bill Pay” by “CheckFreePay” (delivered within three business days) for $0.88; “Next-Day Delivery Bill Pay” by “CheckFreePay” for $1.88; “Same Day” by MoneyGram starting at $4.50; and “Money Orders” for $0.60 Walmart also offers the “Walmart MoneyCard,” a reloadable, pre-paid Visa debit card, for $3. The “CheckFreePay” service from Fiserv gives customers the ability to pay bills from more than 2,500 companies. The new Walmart service enables consumers to pay utility, landline phone, cable/satellite, credit card bills, auto and wireless phone at their local store.
A new report has discovered that prepaid card industry
stakeholders are bearish on private label prepaid cards, and cautiously
optimistic about the future of branded prepaid cards. The Aite Group research found that 82% feel the recession will have a negative impact on private label prepaid cards (mostly composed of merchant gift cards), while the majority of respondents (71%) see a positive impact of the recession on branded prepaid cards overall, largely driven by branded government cards, consumer incentive cards, payroll cards, and health care cards. In order to improve the market for prepaid cards as a whole, most agree that greater efforts must be made to educate the public on the benefits of prepaid cards. Technologies could also be better leveraged to improve the reload process.