Fiserv launches bill payment widget

Source: Fiserv

Fiserv (NASDAQ: FISV), the leading global provider of financial services technology solutions, today announced the launch of a bill payment widget that enables consumers to pay bills from within their online banking homepage.

The widget is now available to financial institutions that use the company's CheckFree RXP online bill payment service. The bill payment widget is also being deployed through the latest versions of the company's industry-leading Corillian Online and eCom online banking solutions, making the new functionality available to millions of online banking consumers nationwide.

The bill pay widget is designed to increase consumer usage of online bill payment by increasing the visibility of the service within the user interface and adding to the overall convenience and functionality of online banking.

A condensed display of payment criteria that can be integrated into any page within the online banking service, the widget enables consumers to schedule transactions without visiting a dedicated bill payment page. The widget allows users to make payments quickly by displaying only information essential to the transaction, including the bill to be paid, the pay date and the amount.

"Taking advantage of the opportunities presented by Gen Y bill pay prospects may mean taking the service in new directions," wrote Emmett Higdon, senior analyst, Forrester Research in the October 2009 report US Online Bill Payment Forecast: 2009 To 2014. "[This includes] better integrating bill pay with online banking. For too long, bill pay has been an offshoot of most online banking sites. Visible largely only from within its own section, bill pay functionality needs to be front and center with payment reminders, recent payments, and new eBill availability shown at login."

The bill pay widget makes it easy for consumers to schedule bill payments from the bank or credit union's online banking homepage. This prominent placement keeps bill payment "top of mind" for current users and exposes the service to potential new users.

"Fiserv research has consistently shown that consumers who use online banking and bill payment are more loyal and profitable for the financial institution, and these benefits increase with each additional bill paid online," said Jamie Deterding, senior vice president, Bank Solutions, Fiserv. "The average online banking user logs into the service 15 times per month, and the payment widget makes bill payment more easily accessible during these frequent visits. This improved accessibility leads to improved convenience for consumers, which can result in substantial increases in adoption and usage of the service."

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 30 March, 2010, 17:16Be the first to give this comment the thumbs up 0 likes

While bill payment hyperlinks are prominently displayed on many retail banking NetBanking websites, an attractive bill pay widget will definitely draw more eyeballs. But, after customers are attracted to bill pay, making the actual payment process more frictionless is key to conversion and greater adoption of this functionality. In the non electronic bill payment world, the customer simply presents the bill to the person at the counter, hands over cash or card, and the transaction is done. Whereas, in electronic bill payment, the need to pre-register the bill causes significant friction, especially when the lead time from pre-registration to actual posting of the bill is often a few weeks, by which time the deadline for that bill has elapsed and the customer goes back to manual bill pay. If only the widget could be enhanced so that it supports one-off and on-demand bill payment, adoption of electronic bill pay would be significantly bolstered.