Free Bill
Pay
Banks can now
offer low-cost electronic bill presentment and bill payment without
third-party service by using Brinkman Technologies Inc.'s new
FreeBill, an electronic billing system that enables banks to compete
for a share of the electronic bill presentment/payment
industry.
With lower
front-end costs, no ongoing transaction fees, and in-house control
over the bill presentment/payment process, the model allows banks to
compete with CheckFree, Intuit, Microsoft, and others in the
electronic billing industry. Also, banks can use the technology
in-house for their loan and mortgage billing.
Mark Brinkman, BTI
president says, "Until now, they've [banks] had no option
other than the third-party models in which they were offered minimal
opportunity to capture revenue and no control over the bill payment
process. With FreeBill, banks can use existing in-house technology to
recapture those fees and take in-house control over the bill payment
process. They'll also be able to attract new commercial customers by
competing in the market as a service bureau."
The FreeBill
system will be installed on a Web server at the bank's data center or
hosting service organization. The system will collect billing
information from a company's accounts receivable or billing system
and generate billing information in HTML format, which is sent to the
customers by e-mail.
Customers who
choose to receive their billing statements by e-mail will use their
current Internet access services to receive bills and authorize
payments with no requirement for bill payment software. To pay the
bill, a customer will simply click on a "Pay Bill" hyperlink within
the e-mail statement, which will link the customer to a payment
screen on the company's Web site. Consumers select the format of
their bills, the payment method, and the ability to set the payment
amount and effective date.
Once the payment
information has been received by FreeBill, the transaction is either
warehoused or processed, depending on the effective date. During
processing, the system will create an ACH transaction to debit the
customer's account and send the payment data to the company's billing
system to credit the account.
For more
information about BTI, call (972) 242-8090 or visit
www.banksystems.com.
For more information about FreeBill visit
http://www.freebill.com.
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