Fiserv Inc. plans to offer a same-day bill-payment service to banks by the second half of the year through a partnership with the Minneapolis money transfer company MoneyGram International Inc.
Fiserv, of Brookfield, Wis., said Monday that bills from more than 100 banking companies would be available for same-day payment initially. The company could add more than 1,000 billers depending on demand. Fiserv already offers expedited overnight and two-day paper check options to customers.
"Payment speed is really a critical element of customer satisfaction and utilization," Erich Litch, a senior vice president and general manager of consumer services for Fiserv, said in an interview.
Financial institutions decide whether to charge fees for rush payments and how much to charge. Fiserv recommends fees of $6 to $20 per payment depending on the type of bill, Litch said.
The availability of expedited bill-payment services has grown in recent years with payments companies such as Western Union Co. and Fidelity National Information Services Inc. rolling out such products.