3i Infotech, a global information technology and business process outsourcing (BPO) company, and The Western Union Company (NYSE:WU), a leader in global payment services, today announced the availability of joint electronic billing and payment solutions to clients of both companies.
The goal is to further optimize client revenue chains through improved efficiency, simplicity and cost controls.
The agreement between 3i Infotech and Western Union incorporates 3i Infotech's advanced eBilling and correspondence delivery and its electronic lockbox offering, along with a Western Union comprehensive suite of electronic payment services. The result is a powerful, comprehensive ePayments platform.
"Together, 3i Infotech and Western Union have created a dynamic solution for companies looking to add advanced electronic channels to their existing billing and payment processes," said Kathy Hamburger, Chief Executive Officer and President, 3i Infotech, BPO & Developed Markets. "By leveraging our best-in-breed solutions, this joint offering can impact all facets of the corporate revenue chain while simplifying process management and integration."
The ePayments platform offers many benefits to corporate billers, including:
Allows a biller's customers to easily access their eBills, promoting migration from paper billing, enhancing efficiencies, and easily integrating with the billers' end-to-end revenue chain
Provides more payment options for customers, including one-time, same day or next day payments as well as recurring payment plans, helping improve biller's cash flow and reduce costs
Achieves A/R consolidation through the eLockbox, giving users the powerful ability to receive a single A/R file for their entire spectrum of payments channels
Delivers best-in-class integrated processes, customer relationship management (CRM) and retention benefits, environmental sustainability, and reduced print and postage costs
"The proliferation of billing and payment channels has increased the strain on corporate IT and treasury groups trying to support such systems," said David Shapiro, SVP Payments, Western Union. "Our combined solution not only serves the needs of customers and the corporate backoffice, but seamlessly integrates with existing payment channels and consolidates A/R reporting."
Each of these electronic billing and payment services are available together or individually from either company. The agreement was announced today at the NACHA Payments conference in Austin, TX.