Princeton eCom Corp., a leading provider of integrated payment solutions and Corillian Corp. (NASDAQ:CORI), the top provider of online banking solutions to leading financial institutions, today announced that they have three customers utilizing Real-Time Digital Scanline via the Corillian 3.0 Voyager Platform.
Princeton eCom's Real-Time Digital Scanline allows payee information to be validated (and corrected) in real time. When consumers add a payee, Real-Time Digital Scanline is able to detect potential erroneous information and alert customers to the potential error. Consumers can then take corrective action, resulting in a significant reduction of exception items. This leads to financial institution cost savings since customer service inquiries are reduced and more payments can be processed electronically. Corresponding customer satisfaction and retention benefits are achieved by the improved payment accuracy and timely processing of payments.
Princeton eCom's Real-Time Digital Scanline delivers these benefits by employing powerful algorithms to search a proprietary master payee list, which contains many possible variations on payee names in order to optimize the payee matching process. Real-Time Digital Scanline uses identical validation routines and criteria applied to payment files during actual payment processing, which are provided to Princeton eCom by each Payee.
"After switching to the Corillian Payments Warehouse on the Corillian Voyager 3.0 platform and Princeton eCom's RTDS, our electronic rate increased over 10 per cent while our payment exception rate has dropped dramatically. This significantly improves the payment experience of our customers while lowering our processing and support costs," stated Karen Baldwin, Senior Vice President of Commercial Federal.
"Payee setup is one of the most critical points in the online bill payment experience," notes Beth Robertson, a senior analyst at leading research and advisory firm TowerGroup. "Accuracy is central to assuring timely payment and ongoing customer satisfaction."