America Online Launches AOL Bill Pay

America Online, has launched AOL Bill Pay, a new service that helps AOLs community of approximately 50 million users save time and money with a streamlined way to track andpay bills online as well as manage their personal finances. This new launch is part of AOLs commitment to introduce self service platforms that enable members to interact, transact and get through their busy day. Available at no extra charge to members, AOL Bill Pay was created in response to members demands for a convenient and timesaving way to receive, pay and manage their bills online. AOL introduced AOL Bill Pay in response to strong member need for a product that offers families a better and easier way to manage day-to-day finances. Sixty percent of AOL members already pay some of their bills online and 67% of those that pay online do so at multiple biller websites. Through AOLs new alliance with Yodlee, AOL Bill Pay responds to this member need with a simplified online bill paying process that offers one of the largest networks of billers which accept online payment. AOLs bill presentment capability delivers members bill summaries to their AOL in-box and connects them directly to billers websites for fast payment, allowing them to take full advantage of biller same day payment options. AOL Bill Pay also helps take the hassle out of remembering multiple biller site IDs and passwords by combining them under one AOL Bill Pay account security question. AOL Bill Pay is more than just a bill payment service; it is a powerful life management tool that interacts with AOL emails, alerts and calendar. For example, alerts can be set up to notify members of large transactions on their credit cards, which may be an early indicator of identity theft or fraud. Or members can use AOL Alerts to set up an alert to be notified when they are about to exceed their cell phone minutes. These alerts join the more than 32 million alerts set up by AOL members as of October 2002. Furthermore, an easy to read expense history area enables members to analyze and review expenses across their registered accounts, helping them keep a close eye on finances, budget better and catch inaccuracies. Key benefits of AOL Bill Pay include: - Bill Presentment Capability: The streamlined process lets members receive bill summaries through email and connects them directly to their biller website where they can post payment, saving them time and adding convenience to their daily lives. AOLs authentication process helps ensure that bills delivered via Bill Pay are genuine and not forgeries. Furthermore, the bills are delivered to members via a visually distinctive email, adding an extra layer of security and giving members extra assurance that the bill is authentic. - Speed and Savings: AOL Bill Pay features one of the largest networks of billers, which accept online payment, allowing members to directly connect to more than 2500 biller websites, most of who accept same day payment. This capability allows members to pay bills later and still avoid late fees. - Streamlined Sign-in Process: A single word authentication process means members are no longer required to remember multiple biller site IDs and passwords for different biller websites. A simplified process combines all of them under one AOL Bill Pay account security question, which is separate and distinct from their AOL service password. - Enhanced Alerting Capability: Payment schedules for registered accounts can be integrated into AOLs Alerts & Reminders and AOL Calendar, making it easier to remember due dates and pay bills on time. Additionally, members can keep track of spending and purchases on other accounts between statements. For example, members can set up an alert for large transactions on their credit cards, which may be an early indicator of identity theft or fraud. - Bill Histories: AOL automatically archives bill statements for up to 12 months and sets up an expense history for all of members registered accounts, helping them track how much they are spending and on what. The billing history is presented in a simplified pie c