By Mohammed Waseem
Managing bills is a task that most of us don’t like, considering the number of bills we get and the difficulty in preserving them. Storing them in a dedicated drawer is a good idea and prevents losing important bills. Whenever needed, a bill can be taken and paid. What if the key of the drawer was given to trusted person to collect our bills and place them in the drawer for us to use them whenever we want?
This concept has been taken online by a US based company, Finovera, which is an online bill management company. They do not support bill payment at present, but have said that they would launch it with the next versions of the solution. Users can store any bill or even personal documents safely online, with access anywhere in the world.
Finovera allows US residents to download and access bills and store them in their account. This feature can be accessed anywhere in the world, but only US providers are supported. Non-US users can still use the service for offline bill management and they can also use the Digital File Cabinet, where they can store their documents.
Both online and offline users can track their bills and setup alerts for due bills, in order to avoid missing a due date. For every biller or provider added, Finovera asks for the user account credentials with the concerned provider, to securely connect and retrieve bills and statements. The credentials can be saved in the users’ Finovera accounts to enable auto login and to avoid entering the passwords repeatedly.
Finovera supports thousands of providers and works hard to add more to the list. So in case users don’t find their providers, they can request for support. Most providers continue to send paper bills after signing up for the ebills, except those that require paper bills to be stopped before switching over to ebills and if paper bills were voluntarily asked to be stopped. In addition to bill management, users can also manage their money with Finovera.
The most important point of concern here is the security of the Finovera account. The fact that all the credentials are saved in this account makes it even more worrisome. But Finovera makes it clear that their systems are protected with bank level security and the accounts of the users are safe with them. They also advise that users should never share their passwords with anyone and should not use Finovera from a public computer.
Finovera can also be used on a smartphone and a tablet. Currently, they only have an iOS app, but they will be launching their Android app by the end of 2014. The ability to link accounts instantly and the fact that the service is absolutely free are just great. Users who are interested can sign up from here.