Allied Payment Network, an online and mobile bill payment services provider, has joined hands with ACI Worldwide, to provide same-day bill payment capabilities through Allied's mobile photo bill pay technology, Picture Pay.
Under the terms of the agreement, Picture Pay will be combined with the ACI Bill Payment Engine and proprietary Biller Endpoint Network (BEN), an electronic biller network that delivers millions of payments each month.
Following integration, the Picture Pay’s customers will be able to process the bill payment same-day by taking a photo of any bill using their smartphone, entering the amount and payment date, and the bill is paid.
According to the company, Picture Pay’s technology reads the data from the bill, and syncs with the user’s bank or credit union to process the payment. Picture Pay’s standardized bill payment option generally takes one to three days.
The new facility with same-day and next-day payment options, will enable financial institutions to offer their customers more control over the timing of their payments, while generating new revenue stream for the institution.
Allied Payment Network president Ralph Marcuccilli said, "Our goal is to simplify the bill payment process as much as possible while driving this process to the more convenient mobile channel, and with Picture Pay, financial institutions’ customers can even add a new biller with the simple snap of a photo."
"By partnering with ACI, we can now provide Picture Pay users with a whole new level of convenience – same-day bill payment processing, which in turn generates additional fee revenue for our financial institution customers."