Payveris, a real-time money movement provider and subsidiary of Paymentus, announced the launch of its new Bill Center solution, which allows financial institutions to offer consumers a comprehensive view of their bills and financial obligations, according to a press release.
Bill Center is powered by Paymentus’ Instant Payment Network ecosystem and is set to enable bank users to pay all of their bills through partner financial institution instead of individual biller sites.
Despite consumer adoption of electronic bill payment growing exponentially in the past 10 years, according to the release, most of the growth has been observed at biller sites and not banks or credit unions.
“Instead of you going to six or seven different sites to pay your bills, you get one site, you get to see all of your bills,” Payveris Chief Innovation Officer Marcell King said in an interview with FinLedger.
“And you can also pay them with your credit card or debit card, where there’s a wallet, all the things that you want. Just getting banks a tool that will help them drive engagement and also drive revenue, because every time you make a payment on your car, that drives revenue for the institution,” King said.
Although most of the bill payment innovation trending away from financial institutions and towards biller sites in recent years, a study by Aite-Novarica Group found that 74% of consumers want a centralized bill payment solution to simplify their financial lives, according to the release.
The new Bill Center solution is intended to solve that problem, with both Payveris’ money movement platform and Paymentus’ integrated real-time biller network being included in the offering.
The new solution is set to offer the same quality of service provided by Paymentus’ existing biller direct ecosystem, but it also intends to provide these services where consumers manage their money at their banks and credit unions.
Bill Center is also beneficial to billers, according to King, because it provides greater flexibility for consumers to pay their bills.
“If you are a biller, whether it would be a utility company, or telecom, or the municipality or government, you need the ability to accept payments, whether it’s through the mobile, desktop, interactive voice response (IVR). That is giving consumers a maximum optionality on payments,” he said.
The company originally partnered with Paymentus’ to collaborate on real-time payment and bill pay services in March, before being acquired by the public cloud-based bill payment provider in August.
Paymentus also recently partnered with JPMorgan Chase, according to King, with the large US bank beginning to resell the platform to their Treasury Services for territorial business services.
“Everything is moving much faster because of consumers’ expectations. If you can order a flat screen TV from Amazon and get it same day, why wouldn’t we be able to make a payment that goes to wherever it is, and get your money safely?”, King said.
“So everything is moving to real time. How do you support that and make it easy for the consumer, but also maintain the security, so that you don’t see high levels of fraud?”
Moving forward, King hopes the Bill Center will not only bring back the stickiness of bill pay for consumers, but also enable financial institutions to use their data to provide useful customer insights to improve their financial lives.
In other recent fintech news, Socure launched Sigma Identity Fraud to bind device data to individuals. CB Insights also released its Q3′ 2021 fintech report, detailing another record quarter for venture funding worldwide.