Sovereign Bank enhances online bill payment service

Source: Sovereign Bancorp

Sovereign Bancorp, Inc. announced that it has significantly enhanced its service for viewing and paying bills online. The new BillPay service is now free and made available through the bank's technology partnership with CheckFree Services Corporation, a subsidiary of CheckFree Corporation(NASDAQ:CKFR).

Utilizing the newest version of CheckFree Web(SM), Sovereign's electronic billing and payment service offers consumers numerous convenient features to manage bills and payments. The enhancements are the result of extensive consumer research and usability testing. The new features include a more simplified single-point bill management center, faster payment processing, improved integration with online banking, and the availability of payment posting information.

"We wanted our customers to be among the first to experience the convenience of the new CheckFree product. The many enhancements, including improved ease-of-use and quicker payments, will help them maximize control of their finances and minimize the time they spend paying bills," said Marianne Doran-Collins, senior vice president, Sovereign Bank. "Our organizations share a commitment to quality, and this service is backed by security and privacy protections, as well as a guarantee to protect against liability for fraud. And the best news is that it is free for all customers."

A recent survey by The Marketing Workshop, Inc. and Harris Interactive, sponsored by CheckFree, concluded that the most satisfied banking customers are those who use a "consolidated" electronic billing and payment service, meaning that they pay all of their bills at one site. Consolidated site users, when compared with those who pay one bill at a time at a biller's site, often called "biller direct," report being better able to manage and organize their finances, appreciate reminders that help them protect their credit scores by paying on time, and report that the consolidated site saves them time and hassle.

"Electronic billing and payment leads to more satisfied customers who have longer relationships with their banks. Offering CheckFree Web 4.0 benefits the banking institution, the billers and their mutual customers . everyone wins," said Matt Lewis, Executive Vice President of Client Development, CheckFree Services Corporation. "With CheckFree's new platform, Sovereign Bank is providing its customers with a wealth of new features that make it easier than ever to pay bills online and maximize control of personal finances."

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