Electronic Retail Delivery Solutions Bill Payment Module

The Information Technology, Inc. Bill Payment Module (BPM) gives your customers a cost justifiable alternative to checks and postage by automatically generating payments which they can authorize verbally or electronically. Payment authorizations may be made using the telephone and entered manually through either BPM or PRM account maintenance, or made electronically using a touch-tone telephone through the Telephone Banking Module (TBM) or by PC through the Executive Banking Module (EBM) or the PCbanc system.

BPM can be used to increase the funds held on deposit at a financial institution. Customers are encouraged to use the bill payment service where they can centralize their funds for payment and control. Merchants and tax agencies maintain accounts where they can benefit from same day transfers to improve cash flow.

Reduce Costs, Increase Revenue

When all financial institution and customer costs are considered, payments made electronically can cost as little as one-third the amount of payments made by check. The costs of BPM processing are reduced significantly by consolidating payments to vendors on a single check or using Automated Clearing House (ACH) payments. BPM is a new source of revenue with automatic payment charges.

Convenience

Customers appreciate the convenience BPM offers. Payments can be initiated anywhere there is access to a telephone. Because customers have more control, they are inclined toward more interaction and develop strong loyalty with their financial institution.

Features

• Vendor authorization and payment control
• Bill payment control
• Automatic service charges
• Multiple payment methods
• Check Register
• Loan escrow payments
• Tax Agency Service Interface
• Account updating during normal processing
• Automatic integration with PRM, FMS, CRS