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CROMWELL, Conn., Oct. 26, 2021 /PRNewswire/ -- Payveris, a leading real-time money movement provider for financial institutions and their partners, announced today the launch of Bill Center℠, powered by Paymentus' Instant Payment Network(R) ecosystem. Bill Center℠ is a fully unified payment hub that provides consumers with a 360-degree view across all bills and financial obligations, gives greater payment choice with debit, credit and digital wallet options and delivers immediate notification of payment from the biller.
Financial institutions have lagged in implementing advances to bill payment technology, resulting in dated and less convenient experiences that have eroded consumer reliance on banks and credit unions for bill pay and money movement. While consumer adoption of electronic bill payments has grown exponentially over the last 10 years, according to Aite-Novarica Group, most of the growth has been observed at biller sites, not at banks and credit unions. The disparity is largely attributed to modernization efforts by billers that have afforded consumers greater convenience, options and speed.
Despite the trend away from bill payments at financial institutions, Aite-Novarica Group found that 74% of consumers want a centralized bill payment solution to simplify their financial lives. To address this need, Bill Center℠ combines Payveris' advanced money movement platform, which includes bill pay, account-to-account transfers and P2P payments, with Paymentus' integrated real-time network of billers, the Instant Payment Network(R) ecosystem. The combined offering equips financial institutions with the same quality of service currently experienced by the biller direct ecosystem. Bill Center℠ is a differentiated solution that improves consumer engagement, relationship depth and retention for banks and credit unions. Billers are also expected to benefit from financial institutions' adoption of Bill Center℠ as more payments will post in real-time to their billing systems.
"Billers are not trying to disintermediate financial institutions. In fact, they see financial institutions as an important bill pay channel," said Talie Baker, Strategic Advisor, Retail Banking & Payments, Aite Novarica Group. "Consumer bill pay is a high stakes digital banking capability for financial institutions. It's a key indicator of primacy for an institution and it helps drive customer engagement, loyalty, and revenue. Payveris' Bill Center℠ looks like a solution that can help financial institutions reinvigorate online bill pay usage. "
The Instant Payment Network(R) currently enables millions of consumers to receive and pay bills instantly using their favorite debit card, credit card, or digital wallet through Amazon Alexa, inside their PayPal app, and at businesses like Walmart. Bill Center℠, powered by the Instant Payment Network(R), is the banking application that delivers this same real-time functionality to bank and credit union customers and members and is available through APIs, SDK widgets and seamless single-sign integration.
"Everything we do at Payveris is aimed at helping financial institutions improve the digital experience and financial well-being of their customers," said Marcell King, Chief Innovation Officer of Payveris. "We're helping to bring banks and credit unions back at the center of their customers' digital payments. Not only will Bill Center℠ bring back the stickiness of bill pay, but the data that financial institutions capture will also offer critical insight into customers' payments and behavior, enabling them to provide more relevant and contextual information and services that improve their customers' financial lives."
Payveris, a division of Paymentus, is the creator of the MoveMoney℠ Platform, an Open API,cloud-based platform that enables more than 265+ financial institutions to control, simplify, and extend more engaging intelligent digital payment and money movement capabilities to their users through any application or device while significantly reducing operating costs and future-proofing their IT investment. Visit www.payveris.com to learn more.
Paymentus (NYSE: PAY) is a leading provider of cloud-based bill payment technology and solutions for more than 1,300 billers across North America. Our omni-channel platform provides consumers with easy-to-use, flexible and secure electronic bill payment experiences through their preferred payment channel and type. Paymentus' proprietary Instant Payment Network®, or IPN, extends our reach by connecting our IPN partners' platforms and tens of thousands of billers to our integrated billing, payment, and reconciliation capabilities. For more information, please visit www.paymentus.com.
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