Magazine article American Banker

In Brief: New EBPP Venture to Tout Flexibility

Magazine article American Banker

In Brief: New EBPP Venture to Tout Flexibility

Article excerpt

The newest entrant to the full-service electronic bill presentment and payment business, a joint venture, plans to make its mark with flexibility and low prices, executives of the partner companies say.

The offering will enable banks to outsource the remittance function, the data-warehousing and remittance functions, or the entire EBPP process, they said.

Princeton eCom Corp., the No. 3 provider of electronic billing and payment services, and Financial Fusion Inc., a Concord, Mass., unit of Sybase Inc., announced their venture on April 21. The partners are in talks with a handful of prospective customers, and Alix Hoffman, the senior vice president of sales, product management and business development at Princeton eCom, said the first financial institutions may begin beta-testing the service this quarter.

Because it uses a standard implementation of Financial Fusion's Internet front end and bill warehouse to connect to Princeton eCom's e-payment engine, the service provides a migration path for institutions that may want to outsource the process now and bring it in-house in the future, Mr. Hoffman said. "A service offering and a product offering -- it's one and the same."

EBPP continues to gain steam as an online service. Reiterating findings by other consultants, the Reston, Va., Internet research firm comScore Networks Inc. reported Monday that online bill payers are more loyal and higher-value customers.

"The rate at which consumers are adopting online banking and bill payment services ranks these two activities among the fastest growing on the Internet," said Mike Sinco, the director of analytics for comScore Financial Services Solutions. …

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