Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today the launch of Biller Advantage, a multi-channel electronic billing and payment platform for small and mid-sized billers.
Designed for the segment of billers that send 2,000 to 500,000 bills a month, Biller Advantage makes it practical for these companies to send electronic bills (e-bills) and accept electronic payments through a variety of channels including their website, mobile-optimized website, automated phone system (IVR) or customer service center.
"Biller Advantage provides the functionality small to mid-sized billers need and the choices customers want," said Jardon Bouska, division president, Biller Solutions, Fiserv. "These companies can now offer branded, multi-channel electronic billing and payment capabilities that may have been out of their reach before, boosting their professional appearance while reducing paper usage and operational costs and enhancing customer satisfaction."
In addition to being sold directly to billers, Biller Advantage is available as a white-label product to financial institutions and industry-specific service providers in areas such as healthcare, government and property management. With Biller Advantage, financial institutions and other providers can enable their biller customers to reduce costs and potentially reduce the amount of time it takes to receive payments as they eliminate lag times associated with paper-based billing and payment methods. A dedicated module allows a financial institution or other provider to manage administrative functions for their corporate and treasury customers, providing an opportunity to deliver additional value and enhance revenue.
"Biller Advantage allows financial institutions and other service providers to readily incorporate electronic billing and payment service into their product portfolios," said David Albertazzi, Senior Analyst, Aite Group. "The product is a good fit for financial institutions and others seeking to enhance their business product portfolio for acquisition, customer retention and upselling purposes."
Biller Advantage can be implemented easily and quickly and is highly configurable. The self-service dashboard enables billers to be up and running with Biller Advantage in as little as a few days and to manage changes without the need for dedicated IT resources, a significant consideration for small and mid-sized billers.
With Biller Advantage, billers can:
- Accept payments via multiple channels, including online, mobile and CSR-assisted;
- Configure their own specifications, including payment limits, payment types and methods of payment they will accept;
- Accept debit card, credit card or ACH debit payments, with or without fees;
- Support one-time, future, recurring and auto payment options;
- Distribute electronic bills (e-bills) and customer alerts and reminders.
In the future, Biller Advantage will enable e-bill delivery and electronic payments via the thousands of financial institutions throughout the U.S. that offer Fiserv-supported electronic billing and payment services.
Fiserv has a cohesive focus on the biller marketplace, providing the broadest, single-source range of billing and payment channels, including biller websites, mobile devices, financial institution websites, walk-in, and statement print and mail. Fiserv is the largest processor of walk-in payments, electronic bill presentment (e-bills) and electronic bill payment in the U.S. The company delivers hundreds of millions of e-bills annually through a network of more than 3,800 financial institutions on behalf of more than 500 billers, including many of the nation's largest. Biller Advantage complements the company's industry leading up-market billing and payment solutions for billers.