Leveraging technology from Top Image Systems, Snap-to-Pay brings the
latest mobile bill payment technology to Fiserv clients
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Inc. (NASDAQ: FISV), a leading global provider of financial services
technology solutions, announced today the launch of its Snap-to-Pay™
capability for select Fiserv mobile banking and payments solutions,
which enables consumers to pay bills quickly and easily with a snap of
their smartphone cameras. Essential bill information, such as the
company to be paid and the amount due, is captured by taking a picture
of a paper bill, and then used to automatically populate the appropriate
fields on the smartphone screen. Snap-to-Pay leverages mobile imaging
technology from Top Image Systems™ (TIS™), which enables mobile devices
such as smartphones and tablets to accurately capture information from
documents of all types and sizes.
Snap-to-Pay allows consumers to set up a new biller to be paid, pay
their bill and enroll in electronic bill presentment if they would like
to have future bills delivered to their account as e-bills. Users save
time and can avoid frustrating input errors because the functionality
eliminates the need to tap in large amounts of information on the phone
keypad, making bill payment a "snap."
Mobile Direct: Snap-to-Pay™
Snap-to-Pay functionality will be available in October 2013 as part of
Mobile Direct from Fiserv, a comprehensive mobile billing and payment
solution for billers that includes apps and mobile-optimized websites.
Mobile Direct: Snap-to-Pay, available in the Mobile Direct app, enables
smartphone users to take a picture of their bill to make a bill payment
directly to the biller or to sign up to receive e-bills from the biller.
In addition, users can take a picture of the payment method, such as a
check or credit card, further streamlining the bill payment experience
by making it easier to quickly populate key billing and payment fields.
The Snap-to-Pay functionality will also be available via Mobiliti™ from
Fiserv, the industry leading mobile banking, alerting and payments
solution used by nearly 1,600 financial institutions and millions of
bank and credit union customers worldwide. Snap-to-Pay is initially
available to Mobiliti Enterprise clients, with plans to integrate the
functionality into additional versions of the product.
Snap-to-Pay has been tested through an extensive proof-of-concept
evaluation for ease of use and accuracy, and to ensure it meets Fiserv
standards for security. It is designed to complement existing billing
and payment capabilities, and has the potential to grow the number of
customers making electronic bill payments and receiving e-bills while
increasing customer self-service and satisfaction. Billers and financial
institutions that offer Snap-to-Pay functionality have a distinct
opportunity for market differentiation.
"The launch of Snap-to-Pay reflects the ongoing evolution of the Fiserv
payments vision," said Ginger Schmeltzer, SVP, Emerging Payments,
Fiserv. "It's important that we make the end user mobile payment
experience easy and friction-free in order to drive adoption, and
capturing bill information with Snap-to-Pay is an embodiment of this
concept. Snap-to-Pay is a timesaver, and that is a valuable convenience
for people who want to pay a bill and get on with their day."
Given consumers' growing use of smartphones and comfort with their
built-in cameras, image capture is a logical next step for bill
enrollment and payments via the mobile channel. According to Fiserv
research, the Snap-to-Pay functionality has the potential to drive
greater adoption of mobile bill payment. The 2013 Fiserv Billing
Household Survey showed that 57 percent of U.S. online households own a
smartphone, and that 16 percent have paid a bill using their smartphone.
The top feature that would motivate them to pay bills or pay more bills
using their smartphone is the use of an app and smartphone camera to
take a picture of the bill, cited by 36 percent of respondents.
Given its capabilities and alliance agreements, Fiserv is uniquely
positioned to deliver to its clients robust photo bill payment
functionality via smartphones, including the mobile platform,
optimization engine, optical character recognition (OCR) engine and
access to the largest bill payment network in the U.S. Fiserv may use
the image capture technology licensed from TIS for a range of additional
applications beyond Snap-to-Pay, including tasks such as mobile account
or product enrollment and mobile document capture for items such as
receipts or loan documents.
Fiserv, Inc. (NASDAQ: FISV) is a leading global technology provider
serving the financial services industry, driving innovation in payments,
processing services, risk and compliance, customer and channel
management, and business insights and optimization. For more
information, visit www.fiserv.com.
Director, Public Relations
Director, Public Relations
Source: Fiserv, Inc.
News Provided by Acquire Media