Yodlee Delivers Next Generation Bill Pay

Tuesday 16 November 2004 18:49 CET | News

Yodlee has launched two new offerings: BillDirect for Card Issuers and the Yodlee Direct Payments SDK (Software Development Kit).

Utilizing an innovative Internet-based bill payment network, these new solutions enable consumers to make same day payments, and to pay with a credit or debit card to earn loyalty and rewards points. For financial service providers (FSPs), these solutions present a unique opportunity to earn interchange and finance fee revenues, turning EBPP from a cost center into a profit center. Making Bill Pay Useful and Profitable More than 30 million households pay bills online today, and this number is expected to exceed 50 million in the next few years, according to Online Banking Report. Yodlees BillDirect is the only EBPP product to leverage the benefits of both the biller direct and consolidator models while delivering the richest bill presentment and unique, transaction-level alerts for monitoring fraud and avoiding overdraft charges and late payments. Yodlees first EBPP offering, BillDirect, was launched earlier this year with AOL and BillDirect for Card Issuers is the first EBPP offering to enable same day, card-based payments so consumers can earn reward and loyalty points. BillDirect for Card Issuers: A New EBPP Approach With BillDirect for Card Issuers, users can: view bills, pay bills (via multiple payment options), schedule one-time and recurring payments, track payments and bill history, auto-register for online accounts, and receive customized alerts -- all in one complete, easy to use online solution. Key Benefits for Consumers: -- Same Day Payments -- consumers can make payments in real-time directly to their billers -- the fastest payment speed in the marketplace today. -- Ability to Earn Reward/Loyalty Points with Every Payment -- via the use of credit card and debit card payments. -- Flexible Payment Options with Credit & Debit Cards -- consumers can pay bills with their credit or debit card instead of requiring payment solely from a DDA account. -- Rich Bill Presentment -- only Yodlee presents bills from over 2,800 billers. -- Personalized Alerts -- Alerts deliver emails for a host of important events, including receipt of a new bill, automated payment made for a bill, due date reminders, and more. Key Benefits for FSPs: -- Revenue -- Financial Service Providers can finally make EBPP an attractive business opportunity, earning new interchange and finance fee revenue through the use of credit and debit card payments. -- Lower Cost -- By leveraging its core account aggregation platform, Yodlees BillDirect costs up to 70% less than competing EBPP platforms.

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Categories: Payments & Commerce | Payments General
Countries: World
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