Solutions by Text taps Nuvei for embedded payments

Wednesday 4 October 2023 14:04 CET | News

Solutions by Text has launched embedded payments within its FinText platform in partnership with fintech Nuvei to redefine the bill payment experience for consumers and businesses.

FinText is a Solutions by Text (STB) embedded messaging and payments platform for consumer finance businesses, and the collaboration with Nuvei will see the latter power the processing of the company’s new text-driven payments.

Solutions by Text’s embedded payments over text capabilities

SBT’s launch of embedded payments seeks to simplify the entire bill pay experience, from initiation to payment, within the text channel. Consumers are to benefit from speed, ease, and convenience through a streamlined and digitised transaction process in a channel they prefer, whereas consumer finance companies will be enabled to further optimise their customer relationships, together with their billing and receivables management processes. Furthermore, the launch will:

Enable payments via simple keywords of the likes of ‘Pay Now’ for faster transactions.
Improve automated payment management by reducing manual workloads and optimising resources.
Ensure data safety through secure tokenized PCI-compliant payments, bettering the protection of sensitive customer data.
Achieve regulatory compliance by leveraging FinText’s pre-vetted, carrier-approved messaging template to ensure compliance with strict industry regulations.

Per the announcement information, the upcoming report from SBT and Datos Insights ‘State of Bill Pay 2023/24’ showcases that older and younger generations have a preference for text communication and an increased expectation for mobile payment solutions. More than half of the older generations and 70% or greater of the younger generations prefer to engage about their bills over text messages.

Solutions by Text taps Nuvei for embedded payments

Whereas data showcases that consumers have an increased demand for mobile payment solutions, industry reporting highlights the importance of businesses adapting to shifting consumer preferences. BNY Mellon and Datos Insights findings show that 77% of survey respondents agree that real-time payments enhance the customer experience significantly, while 54% consider them ideal for urgent past-due payments, and 32% believe they help simplify cash flow management.

When commenting on the launch, Solution by Text officials said that the announcement comes as a pivotal moment in the company’s mission to change the bill pay experience and is believed to showcase their efforts in having the platform be at the forefront of consumer bill payment trends. More to this point, the belief is that the introduction of embedded payments over text helps the company meet and exceed the evolving expectations of its customers and their consumers, enabling an experience that drives results for customers and sets the company on the path to continued growth and success in the market.

Solutions by Text mission and offering

Solutions by Text (STB) is the pioneer of FinText, empowering consumer finance companies to engage, interact, and transact with their consumers in real-time. The company has been providing compliance-first enterprise messaging solutions since 2008 and aims to bring real-time payments to the text channel, creating a simplified and optimised bill pay experience for both businesses and their consumers.

For more information about Nuvei, please check out their detailed profile in our dedicated, industry-specific Company Database.

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Keywords:	partnership, product launch, fintech, embedded finance, paytech, real-time payments, PCI compliance, automation, mobile payments
Categories:	Banking & Fintech
Companies:	Nuvei, Solutions by Text
Countries:	United States

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