Fiserv Inc. (Nasdaq:FISV) today announced the launch of Paytraxx, a new online bill payment solution designed to help financial institutions capture and retain the high-profit and next-generation customers that are driving demand in the growing market for bill payment service.
Backed by the stability and proven technology support of Fiserv, the Paytraxx solution offers an intuitive user design with a host of convenient, leading-edge features for consumers, plus a variety of flexible implementation options that enable financial institutions to choose the best way to deliver bill payment service to its customers.
"As a company committed to delivering world-class technology solutions for financial institutions, Fiserv is always looking for opportunities to deliver useful tools that add value for our clients and enable them to capitalize on key market trends," said Norm Balthasar, chief operating officer of Fiserv. "With the market for bill payment service already experiencing accelerated growth, we felt the time was right to deliver a single Fiserv solution for all of the financial institutions we serve. With its straightforward, user-friendly design and practical back-office features, Paytraxx provides everything a financial institution needs to enter or expand its presence in the market for bill payment service."
Paytraxx was developed by expanding an established bill payment solution from Fiserv's IntegraSys business unit, based in Frisco, Texas. Paytraxx uses a pay-anyone model, which gives users the flexibility to establish their own merchant and payee lists with a fast, easy set-up process that enables them to make payments in the same session, choosing from immediate, one-time and recurring payment schedule options. Users can conveniently set up payments from a single screen, plus access payment status, review detailed payment history and download account information to their personal financial management software. The Paytraxx business unit is led by senior vice president and general manager Kim Killingsworth, a 23-year industry veteran and former executive for both Fiserv's eSolutions and Information Technology Inc. (ITI) business units.
"We chose the Paytraxx bill payment solution because it offers everything our customers want in a bill payment solution, easy-to-read screens, quick-pay features and the ability to set up whom they want to pay and when," said Larry Leskovsek, senior vice president and chief financial officer for First Federal Savings Bank of Wisconsin, Waukesha. "The Paytraxx solution also appealed to us because it's easy to implement and offers the flexibility to make it our own, with choices for everything from customer service to enrollment options to user authentication."
Paytraxx features a robust back-office administration tool that enables institutions to manage accounts, view reports and enrollment history, cancel payments and perform daily file downloads via a convenient Web-based interface. The solution also offers industry-leading flexibility that lets financial institutions choose from point-of-sale, ACH debit or transaction posting file options for funding payments, a variety of flexible customer service channels and multiple authentication options, including single-sign-on capabilities.
Paytraxx is designed to help financial institutions attract new customers from the 47 million U.S. households Forrester Research predicts will pay bills online by 2010, up from 27 million in 2005. Much of that growth is expected to come from increased use by next-generation customers. Studies also show bill payment is increasingly important for attracting customers. A study conducted by Keynote Systems showed that more than 56 percent of consumers said online banking and bill payment services are important factors in choosing a financial institution, ahead of traditional considerations like the physical location of branches and ATMs.
"We believe Paytraxx will give us the tools we need to offer a competitive bill payment service that will enable us to attract key segments, including highly profitable members and next-generation users. Since the solution is so easy to navigate, we anticipate high adoption rates, which will help us maintain greater loyalty among bill pay users," said Greg Pasqua, chairman and chief executive officer for Georgetown University Alumni and Student Credit Union, Washington, D.C. "And because Paytraxx is delivered by Fiserv, a proven technology provider for the financial services industry, we're confident that Paytraxx will continue to serve our bill payment needs both now and in the future."
Paytraxx processes payments through Fiserv's dedicated TruSecure certified data center, leveraging a proven SAS70 Type II certified infrastructure. Paytraxx features efficiency-boosting integration with other key Fiserv solutions, including the Fiserv EFT system and the core processing platforms delivered by the company's business units serving financial institutions. Paytraxx currently processes seven million payments annually with industry-leading processing speeds and one of the lowest volumes of customer inquiries. Paytraxx can be easily implemented by financial institutions of all sizes.