Fiserv updates online bill pay for banks, plans real-time payments
Fewer than half of bank customers pay their bills through online banking, and Fiserv hopes to increase that proportion by overhauling its electronic bill payment service for banks.
Leveraging new technology and APIs, Fiserv has rolled out CheckFree Next, a major update of the core CheckFree bill payment technology that Fiserv acquired in 2007.
The new approach streamlines bill payment to a single view with personalized prompts and suggestions tapping Fiserv’s biller network of more than 600 billers, enabling financial institutions to send bill pay reminders, due-day alerts and notifications when bills are paid, Fiserv said Thursday.
Fiserv plans to add real-time funds movement to CheckFree Next beginning in 2020, it said.
A key element of Fiserv’s revised bill payment service is a new Bill Discovery feature that uses proprietary technology to connect bank customers’ billers to their accounts, automatically establishing a connection when there’s a match.
CheckFree Next also supports Withdraw Now, enabling bank customers to choose exactly when bills will be paid.
The service has been in pilot in recent months with two of the nation’s largest financial institutions, Fiserv said.
“Knowing that people have higher expectations than ever before, we stepped back and challenged ourselves to make paying bills at a financial institution as easy and smart as the best digital experiences people have every day,” Tom Allanson, Fiserv’s division president of Enterprise Payment Solutions, said in a press release.