Fiserv (NASDAQ: FISV), the leading global provider of financial services technology solutions, today announced a partnership with MoneyGram International (NYSE: MGI) that will enable consumers to pay a wide variety of household bills through financial institution websites the same day they are due.
Consumers who pay bills at one of the more than 3,100 financial institutions that use the CheckFree(R) RXP(R) online payment service, which includes 23 of the top 50 financial institutions in the United States, will have access to the integrated same day payment option. Initially, bills from more than 100 well-known national and regional companies will be available for same day payment, with the potential to add more than 1,000 additional bills based on consumer demand. Fiserv will utilize MoneyGram's direct connections with billing companies to deliver the payments.
The bills that will be available for same day payment represent those most common to U.S. households, including auto, mortgage, credit card, utility and mobile phone bills.
Consumers will be able to select same day delivery as part of the normal payment scheduling process, ensuring an uninterrupted user experience at the financial institution website. The expedited payment option will be integrated seamlessly for the user through a drop down menu, and will only appear if a bill is eligible for same day payment.
"Other same day payment offerings currently in the market have suffered from low adoption due to a small number of available bills and a lack of integration into the existing online payment process," said Todd Lesher, division president, Electronic Banking Services, Fiserv. "Financial institutions can now address these issues by taking advantage of the combined Fiserv and MoneyGram networks to offer a substantial number of bills through a same day payment option that is built into the online payment flow. Offering expedited payments for multiple bills at one website is another way financial institutions can enhance convenience and maintain their position at the center of consumers' financial lives."
"Our partnership with Fiserv will enable consumers who pay bills through financial institutions to now also make same day urgent bill payments to the many billers in our extensive network through Fiserv's leading online bill payment service," said Dan O'Mlley, MoneyGram EVP, Americas. "This partnership is a great complement to the other payment choices MoneyGram already provides to consumers at our more than 40,000 agent locations in the U.S."
The same-day expedited bill payment option is expected to be available to the more than 3,100 financial institutions that use the CheckFree RXP online bill payment service in the second half of 2010.