New Fiserv expedited online payment option announced

Bank executives are hip to the demand for faster online bill payment services. Such payment services for many customers are obviously more convenient but not necessarily faster when it comes to clearing the check and getting money to where the customer wants it. If you are late on a utility payment, a customer still might have to physically deliver a check.

There have been attempts to deliver same-day payment services but they have been sporadic and piecemeal. But Fiserv (Fiserv news) aims to change that. It just announced a new service with MoneyGram that will allow banks that offer the CheckFree RXP online payment service will be able to offer an integrated same day payment option. The expedited bill payment option is expected to be available to the more than 3,100 financial institutions that use the CheckFree RXP online bill payment service (that includes 23 of the top 50 banks) in the second half of 2010. This will cover bills from more than 100 well-known national and regional companies, the likes of auto, mortgage, credit card, utility and mobile phone bills. More partners will be added based on consumer demand. Fiserv would like to think that the breadth of the system will make the product a winner with banks. But it will be very frustrating if a customer finds out a company to which he pays regular bills is not on the list. 

For more:
- here's the release

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