Fiserv enhances next generation billing and payments experience

Fiserv have launched BillMatrix Next, a new solution designed to help utility, insurance, lending, healthcare, telecommunication and financial services companies of all sizes meet their customers where, how and when they want to receive and pay their bills.

BillMatrix Next provides a configurable, multichannel electronic billing and payment platform with an intuitive interface that can be implemented in a matter of weeks.

“People are thinking about living their lives, not about how and when to pay their bills,” said Michael O’Laughlin, president, Biller Solutions, Fiserv. “We designed BillMatrix Next to help our clients deliver a billing and payment experience that satisfies customer expectations for faster bill payments that are as easy, convenient and intuitive as the push of a button or swipe of the finger, all while being secure.”

Using BillMatrix Next, billers can accept debit, credit and ACH payments, either same-day or in real time through an integration with the NOWSM Network from Fiserv, resulting in faster payments and better collection. BillMatrix Next also supports both registered user and guest payments for improved customer satisfaction. Recent Fiserv research shows that guest checkout at biller sites is preferred by one in four households as more convenient, because it does not require remembering a password.

“There is an increasing number of situations throughout consumers’ lives where they have a great digital experience,” said David Albertazzi, senior analyst, Aite Group. “Billing and payments has lagged in this area, but it does not have to. BillMatrix Next has introduced substantial enhancements that address consumers’ desires for better channel integration and aesthetics.”

“Behind the improved aesthetics of BillMatrix Next is flexible technology that allows for quicker and more agile adjustments as well as increased self-service,” continued O’Laughlin. “The more flexible the technology, the more extensible the investment becomes. Our research shows 79 percent of billers believe a multichannel product from one vendor is important.”

Payment channel switching has become the norm for consumers as the vast majority of households expect more options than ever before, using almost four different channels to pay their bills each month according to Fiserv research. Within BillMatrix Next, electronic payments are accepted through a variety of channels including online, mobile, automated phone system (IVR) and customer assisted phone system (CSR). Additionally, the platform is connected to a walk-in payment network where cash payments are accepted at more than 22,000 locations.

BillMatrix Next also connects customers to digital wallets that offer one-time, recurring and automatic payment tools providing a new level of efficiency when paying bills.

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