By Mohammed Waseem
It is critical for banks to offer secure and easy to use online banking service. These services include bill pay as well. They usually look for leading developers for developing their apps. There are many companies that offer good bill pay solutions for banks and financial institutions. Among them is Clear2Pay, which is a payment solution provider based in Belgium. They offer solutions to banks and financial institutions, including solutions for domestic and international payments.
Clear2Pay offers a good EBPP (Electronic Bill Presentment and Payment) solution for banks and other institutions looking to rapidly integrate their online banking system with EBPP services. They claim to offer their customer, control over their EBPP structure, significant cost savings and ownership of online customer interaction. The solution is designed to address the needs of the payer, the biller and the bank.
The solution is compatible on different delivery channel interfaces including PC, mobile, ATM and Kiosk. The service can be used to pay anyone, including individuals. Multiple processing options are also supported. The payer can enroll for electronic bill presentment and manage payment options such as scheduling, setting up automatic payments, viewing history, review pending payments and access services on mobile phones. The biller can upload bills and send them to respective users. They can also view payment activity and generate reports.
The optimal bill pay route is decided based on a certain criteria such as cost, speed, method of presentment (electronic or paper bills), customer type, matching rules, etc. The routing solution was developed by Clear2Pay in the Open Payment Framework, which is a library of component building blocks from which payments solutions can be derived.
Clear2Pay has a number of clients already using their solution. These clients include Wells Fargo, Credit Agricole, United Arab Bank, Bank of East Asia, Commonwealth Bank, and Banco De Chile. The company considers itself to be a payments modernizer that actively supports financial institutions globally to meet their payments unification goals across the entire value chain.