Aite Group have released a new report looking at processors’ efforts to tap into new revenue opportunities beyond the core bill payment processing service. The report is entitled ‘Online Bill Payments: Chasing the Next Big Thing’, and provides an overview of the payment, channel and revenue trends in consumer bill payment processing.
In addition, the report highlights some of the largest growth opportunities for online bill payment processors that are beyond their core consumer bill payment service, including walk-in bill payment, expedited bill payment, small-business bill payment, and bill presentment.
The report recommends that banks should seize new opportunities for themselves as their processing partners become larger and more diversified companies.
“As processors broaden their capabilities and relationships, banks should explore ways to leverage those in order to nurture new opportunities for themselves, such as with the development of products targeting the unbanked,” says Gwenn Bzard, a Research Director with Aite Group and the author of the report. “Instead of letting billers lead the charge, banks should consider integrating those services into their consolidator model.”
The vendors mentioned in the report include: AOL, CheckFree/PhoneCharge/APS, ChoicePay, Citibank, Digital Insight, Experian/LowerMyBills.com, Fidelity Information Services/Certegy, Fiserv/BillMatrix/Paytraxx, Fort Knox National, GE Money/CashWorks, iPay Technologies, JPMorgan Chase/PayConnection, MasterCard RPPS, Metavante, NACHA, NCO, Online Resources/Princeton eCom, Striata, Transactis, Visa ePay, Wachovia, Wells Fargo, Western Union/Speedpay, Yahoo!, and Yodlee.