CROMWELL, Conn., Oct. 26, 2021 /PRNewswire/ -- Payveris, a
leading real-time money movement provider for financial
institutions and their partners, announced today the launch of Bill
Center℠, powered by Paymentus' Instant Payment
Network(R) ecosystem. Bill Center℠ is a fully unified
payment hub that provides consumers with a 360-degree view across
all bills and financial obligations, gives greater payment choice
with debit, credit and digital wallet options and delivers
immediate notification of payment from the biller.
Financial institutions have lagged in implementing advances to
bill payment technology, resulting in dated and less
convenient experiences that have eroded consumer reliance on banks
and credit unions for bill pay and money movement. While consumer
adoption of electronic bill payments has grown exponentially over
the last 10 years, according to Aite-Novarica Group, most of the
growth has been observed at biller sites, not at banks and credit
unions. The disparity is largely attributed to modernization
efforts by billers that have afforded consumers greater
convenience, options and speed.
Despite the trend away from bill payments at financial
institutions, Aite-Novarica Group found that 74% of consumers want
a centralized bill payment solution to simplify their financial
lives. To address this need, Bill Center℠ combines Payveris'
advanced money movement platform, which includes bill pay,
account-to-account transfers and P2P payments, with Paymentus'
integrated real-time network of billers, the Instant Payment
Network(R) ecosystem. The combined offering equips
financial institutions with the same quality of service currently
experienced by the biller direct ecosystem. Bill Center℠ is a
differentiated solution that improves consumer engagement,
relationship depth and retention for banks and credit unions.
Billers are also expected to benefit from financial institutions'
adoption of Bill Center℠ as more payments will post in real-time to
their billing systems.
"Billers are not trying to disintermediate financial
institutions. In fact, they see financial institutions as an
important bill pay channel," said Talie
Baker, Strategic Advisor, Retail Banking & Payments,
Aite Novarica Group. "Consumer bill pay is a high stakes digital
banking capability for financial institutions. It's a key indicator
of primacy for an institution and it helps drive customer
engagement, loyalty, and revenue. Payveris' Bill
Center℠ looks like a solution that can help financial
institutions reinvigorate online bill pay usage. "
The Instant Payment Network(R) currently enables
millions of consumers to receive and pay bills instantly using
their favorite debit card, credit card, or digital wallet through
Amazon Alexa, inside their PayPal app, and at businesses like
Walmart. Bill Center℠, powered by the Instant Payment
Network(R), is the banking application that delivers
this same real-time functionality to bank and credit union
customers and members and is available through APIs, SDK widgets
and seamless single-sign integration.
"Everything we do at Payveris is aimed at helping financial
institutions improve the digital experience and financial
well-being of their customers," said Marcell King, Chief Innovation Officer of
Payveris. "We're helping to bring banks and credit unions back at
the center of their customers' digital payments. Not only will Bill
Center℠ bring back the stickiness of bill pay, but the data that
financial institutions capture will also offer critical insight
into customers' payments and behavior, enabling them to provide
more relevant and contextual information and services that improve
their customers' financial lives."
Payveris, a division of Paymentus, is
the creator of the MoveMoney℠ Platform, an Open API,cloud-based
platform that enables more than 265+ financial institutions to
control, simplify, and extend more engaging intelligent digital
payment and money movement capabilities to their users through any
application or device while significantly reducing operating costs
and future-proofing their IT investment. Visit www.payveris.com to
Paymentus (NYSE: PAY) is a leading
provider of cloud-based bill payment technology and solutions for
more than 1,300 billers across North
America. Our omni-channel platform provides consumers with
easy-to-use, flexible and secure electronic bill payment
experiences through their preferred payment channel and type.
Paymentus' proprietary Instant Payment Network®, or
IPN, extends our reach by connecting our IPN partners' platforms
and tens of thousands of billers to our integrated billing,
payment, and reconciliation capabilities. For more information,
please visit www.paymentus.com.
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