Bank Technology News | October 2007
Online Resources has gained a significant endorsement for its biller-direct online banking payment offering after landing a multi-year referral agreement with Fifth Third Bancorp. The Cincinnati institution will make the CollectPay service available to its commercial treasury management client in the Midwest and Florida. The cash management offering will tie in the banks’ commercial clients with e-payment capabilities through their online banking Web site to pay for telecom, health, utility, receivables management, public funds, and other businesses, according to Online Resources. The biller-direct model is the next step many institutions are taking to beef up their online billpay offerings that have lagged in adoption behind the billers’ own Web sites that frequently offer same-day posting of payments. The bilelr-direct model was the spotlight of a major recent announcement between Western Union and online banking/payment services aggregator Yodlee.
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