Fiserv and MoneyGram Partner to Offer More Bills for Same Day Payment at Financial Institutions
Online banking users will be able to make urgent payments to hundreds of billers through a broad combined payment network -
Brookfield, Wis., April 26, 2010 (AllPayNews) - NACHA Payments Booth #400 - Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, today announced a partnership with MoneyGram International (NYSE: MGI) that will enable consumers to pay a wide variety of household bills through financial institution websites the same day they are due.
Consumers who pay bills at one of the more than 3,100 financial institutions that use the CheckFree(R) RXP(R) online payment service, which includes 23 of the top 50 financial institutions in the United States, will have access to the integrated same day payment option. Initially, bills from more than 100 well-known national and regional companies will be available for same day payment, with the potential to add more than 1,000 additional bills based on consumer demand. Fiserv will utilize MoneyGram's direct connections with billing companies to deliver the payments.
The bills that will be available for same day payment represent those most common to U.S. households, including auto, mortgage, credit card, utility and mobile phone bills.
Consumers will be able to select same day delivery as part of the normal payment scheduling process, ensuring an uninterrupted user experience at the financial institution website. The expedited payment option will be integrated seamlessly for the user through a drop down menu, and will only appear if a bill is eligible for same day payment.
"Other same day payment offerings currently in the market have suffered from low adoption due to a small number of available bills and a lack of integration into the existing online payment process," said Todd Lesher, division president, Electronic Banking Services, Fiserv. "Financial institutions can now address these issues by taking advantage of the combined Fiserv and MoneyGram networks to offer a substantial number of bills through a same day payment option that is built into the online payment flow. Offering expedited payments for multiple bills at one website is another way financial institutions can enhance convenience and maintain their position at the center of consumers' financial lives."
"Our partnership with Fiserv will enable consumers who pay bills through financial institutions to now also make same day urgent bill payments to the many billers in our extensive network through Fiserv's leading online bill payment service," said Dan O'Malley, MoneyGram EVP, Americas. "This partnership is a great complement to the other payment choices MoneyGram already provides to consumers at our more than 40,000 agent locations in the U.S."
The same-day expedited bill payment option is expected to be available to the more than 3,100 financial institutions that use the CheckFree RXP online bill payment service in the second half of 2010.
About MoneyGram International
MoneyGram International offers more choices for people separated from friends and family by distance or those with limited bank relationships to meet their financial needs. A leading global provider of money transfer services, MoneyGram International helps consumers to safely send money around the world with funds arriving at available agent locations in as little as 10 minutes. Its global network is comprised of 190,000 agent locations in more than 190 countries and territories. MoneyGram's convenient and reliable network includes retailers, international post offices and financial institutions. To learn more about money transfer at an agent location, please visit www.moneygram.com or follow us on Facebook.
Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of information management and electronic commerce systems for the financial services industry, driving innovation that transforms experiences for financial institutions and their customers. Ranked No. 1 on the FinTech 100 survey of top technology partners to the financial services industry, Fiserv celebrated its 25th year in 2009. For more information, visit www.fiserv.com.
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