Malauzi debuts camera phone payment app
20 November 2012 | 2555 views | 0
Malauzai Software Inc., a leading provider of mobile banking SmartApps for community financial institutions, has launched Picture Pay™, a standalone mobile payment solution that enables users to complete payments via the camera on their mobile device.
The new functionality is in use by $4.3 billion Abilene, Texas-based First Financial Bankshares, Inc. (NASDAQ-FFIN).
Picture Pay™, developed in conjunction with Fort Wayne, Ind.-based Allied Payment Network, allows users to complete a payment in three simple steps: take a photo of the bill statement, confirm the amount to be paid and submit the payment to the financial institution. Optical character recognition (OCR) technology reads the data from the statement and built-in analytics confirm biller information. Users also have the option to rush payments for a fee, creating a strong value proposition and a revenue opportunity for financial institutions. By leveraging the solution as a standalone channel, banks and credit unions can offer the service in addition to Internet banking bill pay while reducing the time customers and members must spend entering biller information for new billers.
"As we see more of our customers bypassing the online channel in favor of the mobile channel, mobile payment capabilities become increasingly important," said Gary L. Webb, executive vice president of First Financial Bankshares, Inc. "Our customers expect intuitive and quick transaction capabilities through our SmartApp mobile banking solution, and traditional bill pay can require upwards of ten steps to complete. Picture Pay lines up well with our focus on ease-of-use and truly makes the bill payment process 'smart.' Our customers love the convenience of depositing a check through the mobile channel: now that convenience exists when paying a bill."
"While 40 to 45 percent of financial institution customers use Internet banking, only 20 percent leverage Internet banking bill pay. The ease of Picture Pay will encourage more people to take advantage of electronic payment services, creating greater customer loyalty for those institutions that offer it," said Ralph Marcuccilli, president and CEO of Allied Payment Network.
"A surprising number of people do not use Internet banking bill pay because of the time it takes to set up billers," Robb Gaynor, chief product officer and co-founder of Malauzai. With Picture Pay, it takes seconds to send off a payment. This process also saves the financial institution nearly 40 percent of the cost of a traditional Internet banking bill payment. Like most innovations in the mobile channel, it's a win-win for the FI and its customers and members."