Metavante Corp. has struck a deal to use bill payment technology from Yodlee Inc. that will let consumers use credit and debit cards to pay bills through a bank's Web site.
The Milwaukee bank technology vendor announced the deal Tuesday. It said the Yodlee technology could enable its financial clients to earn revenue from their bill-pay sites by collecting interchange fees if people initiate payments with cards issued by the bank. Consumers can earn rewards points for using cards to pay their bills.
Banks' bill-pay sites typically route payments through the automated clearing house network and are considered a cost rather than a source of income.
As part of the reciprocal deal, Yodlee gains access to Metavante's biller connections. Metavante, the technology subsidiary of the Milwaukee banking company Marshall & Ilsley Corp., also is to process ACH and check payments made through Yodlee's bill-pay service.
"Financial institutions offering Metavante bill pay now get the card option, revenue-generating opportunities, and lower total cost of ownership," Dave Fortney, Metavante's senior vice president for electronic presentment and payment, said in a press release.
