Snap-To-Pay From Fiserv Makes Mobile Bill Payment A Snap

Leveraging technology from Top Image Systems, Snap-to-Pay brings the latest mobile bill payment technology to Fiserv clients

Fiserv, Inc., a leading global provider of financial services technology solutions, announced recently 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.

About Fiserv
Fiserv, Inc. 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.