Fiserv (NASDAQ: FISV) announced today that it has experienced steady market momentum for its Paytraxx solution since launching the electronic bill payment product last spring.
The company signed 91 new financial institutions for Paytraxx in 2006. Fiserv leaders attribute this growth to Paytraxx's robust functionality, aggressive development plans and superior integration with other Fiserv solutions.
"We are pleased with the rapid market acceptance of Paytraxx, and the consistent, growing demand for a comprehensive, best-in-class electronic bill payment solution. As a company committed to delivering value for financial institutions, we are proud to offer a solution that enables our clients to keep ahead of the curve, especially during this time of evolving demand from wired customers," said Tom Neill, Group President Depository Institution Processing at Fiserv. "In addition to demonstrating our ability to proactively address the changing market demands of the institutions we serve, Paytraxx is an excellent illustration of the power of Fiserv 2.0, a companywide initiative that calls for strategic collaboration across our business units. This product leverages the capabilities and services of several business units of Fiserv to help our clients achieve market leadership."
Paytraxx offers Fiserv clients unparalleled integration capabilities, streamlining operations for everything from payment funding to account enrollment through seamless end-to-end connections to other Fiserv solutions that are critical to the bill payment process.
"By collaborating and tightly integrating with our Fiserv core systems, we can offer Paytraxx clients more robust functionality than they could obtain from any other provider," said Kim Killingsworth, senior vice president and general manager for Paytraxx. "Our clients get an integrated solution, from a single provider, while maximizing the technology investment they have already made."
Paytraxx clients experience greater transaction processing efficiencies through integration with Fiserv EFT and direct core processing system connectivity, both of which reduce NSF risk by automatically confirming funds availability before payments are distributed. Integration with Fiserv core systems also streamlines the enrollment and validation of new users and facilitates unique functionality, such as data mining support. Information housed within the Paytraxx system is available to Paytraxx clients and can be integrated with CRM or other management information systems to facilitate cross-marketing campaigns, profitability analysis and other client initiatives.
"Paytraxx gives our institution a highly competitive tool for capturing and attracting a new generation of customers, while providing sophisticated back-office support that enables us to deliver this high-demand service with ease," said Anna Lurquin, vice president, Standard Bank and Trust Company in Hickory Hills, Ill., with assets of $1.9 billion. "With multiple integration points already in place, plus one of the most secure, reliable infrastructures available, Paytraxx is an ideal electronic bill payment solution offering less risk, more features and greater control."
The Paytraxx solution features extensive administrative capabilities that enable financial institutions to control user access, manage payment limits, generate reports, review enrollment history, review payments and alert history, and communicate securely with customers - all via a convenient Web-based interface. Paytraxx also lets the institution choose from a wide range of processing options, offering flexibility over user enrollment, authentication, payment posting and customer support.
"With Paytraxx, we have the opportunity to choose the best way to deliver electronic bill payment service to our members," said David Dubey, vice president of information technology for WEOKIE Credit Union in Oklahoma City, with assets of $500 million. "And we can rest assured that we are providing a premium solution that will continue to offer the leading-edge innovation and high-quality service we have come to expect from Fiserv."