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finextra
Pinnacle chose CheckFree RXP to expand its online billing and payment
capabilities. The bank will now offer features known to improve customer
satisfaction, usage and loyalty, including same-day settlement and
data-fed e-bills - which were not available through the bank's previous
bill pay provider.
The Nebraska-based Pinnacle Bancorp is a
$5.8-billion holding company operating 115 branches in eight states.
Matching industry trends, bill pay services are an important feature for
Pinnacle's customers. Since 2000, the number of households using bill
pay has increased from 5 million to 33 million, according to the Fiserv
Consumer Billing and Payment Trends Survey. That's why Bruce Paitz,
director of eBanking for Pinnacle Data Services, calls feature-rich bill
pay services a "must-have" for financial institutions.
With
CheckFree RXP, Pinnacle customers can easily schedule payments and keep
tabs on their finances with payment reminders and alerts. Payments will
be processed using same-day settlement. With this processing model, a
customer's account is debited no sooner than the date that funds are to
arrive at the merchant, which is a practice preferred by consumers. In
addition, customers can receive, view and pay electronic bills (e-bills)
from more than 400 national and local companies. E-bills contain all
the same information as paper bills, and are delivered directly to the
user's online banking account.
"CheckFree RXP will provide a
superior user experience for our customers," said Paitz. "Same-day
settlement is a big plus because it is an intuitive process - money
leaves the account on the same day the bill is paid. And enabling our
customers to receive and pay e-bills without ever leaving the online
banking site is another way for us to make bill payment less of a
hassle."
Fiserv delivers tight integration between CheckFree RXP,
online banking and account processing platforms from Fiserv. This
integration was an important factor for Pinnacle as they considered
moving to the Fiserv solution. Single sign-on, simple enrollment, and
the ability to view e-bills and bill pay information on the same page as
account balances are all important features made possible by Fiserv?s
full integration. "The fewer clicks they have to make, the happier our
customers will be," said Paitz.
Fiserv continues to enhance
CheckFree RXP, based on extensive consumer research and usability
testing, to help companies like Pinnacle grow their user base. CheckFree
RXP is updated through "Feature Packs," regularly scheduled additions
that automatically ensure the Fiserv network of financial institutions
and their customers have immediate access to the most up-to-date online
payment tools. The latest enhancements include new payment reminders and
alerts and streamlined activation of electronic bills.
"Pinnacle
Bancorp's move to CheckFree RXP will provide them with an online
payment solution that is intelligent, intuitive and interactive," said
Erich Litch, SVP and GM, Consumer Services, Fiserv. "Pinnacle will be
able to offer superior money movement functionality through a service
that has been, and will continue to be the benchmark for leadership in
online payments, both in terms of functionality and user experience.
They will also be able to deliver the latest functionalities to their
customers on an ongoing basis thanks to the streamlined CheckFree RXP
Feature Pack update process."
According to an October 2009 Aite
Group report, Fiserv supports online bill payment services for 76
percent of the consumers who pay bills online through their financial
institution, and delivers 93 percent of the electronic bills received
through the online banking channel.
Pinnacle has utilized the
Premier(R) bank platform from Fiserv since 1996, deploying a wide array
of Fiserv products and services, including outsourced account processing
services, mobile banking, cash management, branch banking and source
capture solutions, electronic document management and online banking.
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