How they describe themselves: US consumers receive over 24 billion bills every year via snail mail despite the advances in digital and mobile technology. Research has shown that the eBill customers are worth 25% more than just the bill pay customers. But the financial institutions have not been able to improve the eBill adoption or offer a holistic bill management experience to their customers. Finovera’s Digital Bill Management solution solves this problem and redefines how consumers receive, manage and pay bills in the new digital banking era. It brings simplicity, control and convenience to consumer’s life and transforms online banking into a customer’s financial hub. Banks and credit unions benefit by increased retention, higher revenue and lower support cost.
How they describe their product/innovation: Bill Pay is an essential feature of mobile and online banking today. But it is a big expense for banks and credit unions. Finovera DirectPay is an innovative payment method that reduces bill pay cost and generates interchange revenue by making bill pay possible through credit or debit cards. It bypasses the processor and posts card payments directly on the biller site on behalf of the user. When the customer pays the bill using the bank issued card, the bank earns interchange fee, interest income and saves on the traditional bill pay cost. Bank customers earn reward points and the payment get posted in real time. Billers get paid on time and reduce their collection and service cost by making the payment process easy and convenient.
Product distribution strategy: Direct to Business (B2B) through banks and credit unions, through FinTech partner companies and solution providers, Direct to Consumer (B2C)