The agreement between Allied Payment Network and City Bank Texas will put the company’s mobile bill payment service at the disposal of the bank’s customers throughout the Lone Star State.
How does PicturePay work? The app takes advantage of the fact that the average smartphone in 2013 has a high-enough quality resolution to accurately photography the average credit card or utility bill.
Add in the amount to be paid, the date, and the app does the rest. PicturePay pulls the relevant data from the image of the bill, makes sure the biller is the correct one, and then issues the payment through its own network.
A few facts about City Bank of Texas:
- The bank has $2 billion in assets
- The bank is headquartered in Lubbock, and has 22 branches throughout the state.
- Founded in 1941, the bank has more than 500 employees
Interestingly, the technology behind PicturePay, specifically the optical character recognition (OCR) engine, was developed by another Finovate alum, Mitek. Read more about Mitek’s technology here.
Allied Payment Network is one of the companies that will be presenting its technology at FinovateSpring in San Francisco in May. To learn more about the event, including how to buy tickets and save your spot, visit our FinovateSpring information page here.