Fiserv to launch bar code bill payment systems in stores
Fiserv Inc. is partnering with PayScan America Inc. to provide technology that will enable consumers to pay their household bills as they go through the checkout line at retail stores or self-service kiosks in malls.
Fiserv is working to obtain exclusive rights to license PayScan’s patented bar code bill payment process. By utilizing the PayScan bar code bill payment process and the Fiserv CheckFreePay Link platform, CheckFreePay will be able to offer an enhanced retail payment solution that will enable walk-in consumers to pay their household bills quickly and easily.
The enhanced retail payment solution will use a "smart bar code" on the bill to record processing rules, including relevant payment data from a customer bill such as the account number. By scanning the bill at an existing retail point-of-sale terminal, a cashier or consumer can submit a payment without manual data entry.
"We believe in-lane bill payment services will transform the walk-in bill payment landscape," said Paul Harrison, senior vice president and general manager of Fiserv’s CheckFreePay business. "For retailers, it will provide a more efficient walk-in bill payment process that leverages point-of-sale bar coding to reduce the chance for error. Billers could realize reduced processing costs, while their customers will enjoy a more convenient payment experience."
The process is expected to reduce biller costs associated with accepting cash and checks, reduce days of sales outstanding and provide cleaner electronic remittance.
"In-lane bill payment will benefit billers, retailers and consumers alike," said Lou Krouse, founder and chief executive officer of PayScan America. "Billers can optimize their payment collection with increased efficiencies and fewer errors, and can refer their customers to familiar retailers throughout their service territories. This is also a great opportunity for retailers to capitalize on the increased foot traffic generated by a walk-in bill payment service with minimal impact on their day-to-day operations. The bottom line is that everyone benefits from more consumer choice."
Senior executives from Fiserv and PayScan will discuss the future of retail in-lane bill payment at a webinar on Wednesday, Nov. 12, at 12:30 p.m. (CST). To register, visit www.checkfreepay.com.
Fiserv unveils new software to help banks
As lenders seek ways to make their processes more secure and cost-effective in order to survive the current market turmoil, Fiserv Inc. recently expanded its Common Origination Platform (COP) to include real estate lending support.
The Fiserv COP is a next-generation solution to help lenders manage every aspect of loan origination and production. The new technology allows lenders to administer all of their loans – real estate finance, consumer and commercial – holistically rather than in the traditional silos, which can reduce costs and improve efficiency.
The platform is available in multiple deployment models including licensed versions, and Software as a Service (SaaS). The real estate module is the first of three available under the newly architected solution, with consumer and commercial modules planned to be deployed in 2009.
"As lenders retool for future markets, they should explore how technology can assist them in leveraging common processes across all of their products," said Jon Burch, Fiserv product manager. "Having one solution for all lending verticals and channels can reduce costs and make lenders more nimble in an ever-changing market."
"As a Fortune 500 company, Fiserv has the financial power to invest in and build an end-to-end loan origination solution in even the most challenging markets," said Kevin Collins, president of Fiserv Loan Origination Products. "We are committed to our clients’ evolving needs and are uniquely positioned to help them drive down costs, improve revenues and address regulatory challenges across the loan origination process."
