When I was about 25 years old, paying the bills required some work.Back then, you had three options for payment: a check you had to write and mail, a phone payment, or paying your bank to handle it.Financial institutions started to provide a new, more practical choice as online bill pay became popular, albeit expensive, obsession with the internet in the early 1990s.Writing check after check was no longer necessary; all you had to do was log on and make the payments electronically.
Granted, at the time, enjoying this convenience required spending thousands on a personal computer as well as additional hundreds on network supplies and service costs.Even so, those who could afford it found online bill payment to be popular, despite the target market being relatively small.Because no one else could provide something similar, it became a potent tool for digital engagement and customer retention for banks and credit unions.
Financial institutions soon understood that by providing this free online bill payment service, their clients would be more likely to stay with them and open savings accounts, obtain home loans, seek out financial planning assistance, and other services.Free bill pay significantly increased “stickiness,” which more than offset the cost of the service.
Unfortunately, for financial institutions, the year 1995 is no longer relevant.Customers have a variety of options for how they can deposit money, move it around, and even borrow money, in addition to how they can pay their bills.Today, 76% of all online payments are made directly at biller websites, with direct biller payments growing by 123% over the last ten years.In contrast, banks’ share of online bill payments has decreased over the past ten years, from 38% to 22%.
To make a payment, you may use this official links below:
fis fusion bill payment solutions
FIS TM Fusion is a simplified bill payment solution for consumers to manage bills , send and receive P2P payments , and transfer money between accounts.
Bill Pay Fraud Management Solutions – FIS
Empowering Bill Pay Fraud Protection. The most robust fraud monitoring standards to reduce losses while also enhancing the overall bill pay experience.
What is FIS bill pay?
A new money-movement platform called FISTM Fusion gives users a personalized, simple way to manage their bills, send and receive peer-to-peer (P2P) payments, move money between accounts, and support financial wellness. Money movement, simplified
What does FIS mean in banking?
“Fidelity National Information Services Inc, also known as FIS, is a global supplier of outsourcing and technology for the financial services industry.
What is worldpay FIS?
Using the SWIFT network, the Worldpay electronic funds transfer (EFT) system from FIS enables users to send money anywhere in the world.The most frequent use of this method of payment is in B2B exchanges between businesses with international operations.