UK-based fintech Fiserv has introduced a new solution ‘CheckFree Next’ to improve bill payments.
CheckFree Next comes with increased automation, and the solution has already been subscribed by two unnamed US financial institutions for a pilot run, according to a statement. The new Bill Discovery feature uses technology that can automatically identify and connect consumers’ billers to their accounts and then establish the biller as a payee when there is a match. In addition, payment and data entry is automated to save bill payers time and help them prevent errors.
The solution is expected to empower financial institutions to act as advisors to account holders with more personalised experiences. Bill payers can sign up for bill pay reminders and alerts for account activities.
Withdraw Now is another new feature that allows bill payers to choose to have their bill payment debited right away or on a future date. Real-time capabilities of CheckFree Next include instant notifications and, later in 2020, will include real-time money movement.
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