CheckFree's E-Bills Are Booming Among Fiserv's Institution Customers

Fiserv's financial institution customers have significantly increased their e bill (electronic bill) activation rates in the six months since implementing the most recent upgrade of Fiserv's CheckFree Web RXP. E bills are online versions of paper bills that are securely

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Fiserv’s financial institution customers have significantly increased their e-bill (electronic bill) activation rates in the six months since implementing the most recent upgrade of Fiserv’s CheckFree Web RXP.

E-bills are online versions of paper bills that are securely delivered directly to a financial institution’s or billing company’s website.

As a result of enhancements delivered with the CheckFree Web RXP Feature Pack 1 release, consumer e-bill activations jumped by 145% in the first week following the delivery of the feature pack to Fiserv’s bank and credit union customers, according to an analysis of transactions from five of Fiserv’s financial institution customers.

As of 31 December 2008, the average e-bill activation rate had stabilized at a 30% higher level than the rate recorded in the two months prior to the delivery of Feature Pack 1.

In addition, the volume of e-bill activation requests per consumer jumped by 34% in the week immediately after the Feature Pack 1 release, meaning more consumers signed up for multiple e-bills. By 31 December 2008, the volume of e-bill activation requests per consumer had stabilized at a10% higher level than the pre-Feature Pack 1 rate.

Feature Pack 1 of CheckFree Web RXP was rolled out simultaneously to more than 2,200 financial institutions on July 20, 2008. The unique feature pack upgrade process delivers new functionality to financial institutions simultaneously, in real time, thus eliminating the need for a more traditional and time-consuming migration process to a new product version.

The latest version of Fiserv’s award-winning electronic billing and payment service incorporates user interface and functional enhancements based on extensive consumer research and usability testing. CheckFree Web RXP streamlines the e-bill enrollment process by presenting consumers with a complete list of all the secure e-bills they can sign-up to receive and view at their financial institution website.

E-bill activation is also prominently promoted throughout the Rich Internet Application and on the Payment Assistant, which contains messaging and a thumbnail image that assures consumers they will access an electronic version of the same detailed bill that they now receive in the mail.

“These positive results demonstrate that CheckFree Web RXP’s user-friendly interface is driving more consumers to adopt e-bills and online bill payment as faster, more convenient ways to manage their monthly financial obligations,” says Todd Lesher, division president, Electronic Banking Services, Fiserv.

“Our research has repeatedly shown that consumers who receive e-bills and pay their bills online are more loyal and valuable to our financial institution customers.”

L.D.

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