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WAUSAU Financial Systems to unveil mobile payments solution
October 20, 2008
MOSINEE, Wis. — WAUSAU Financial Systems has announced that the company will debut GreenPayments, its new solution for mobile payments, at the AFP Annual Conference.
Earlier this year, WFS announced a partnership with ClairMail, a provider of two-way mobile phone-based customer interaction, to extend WFS' industry-leading receivables solutions to include payments made via mobile phones as part of their receivables processing offering for clients.
According to a news release, WFS' GreenPayments will provide financial institutions and corporations with the ability to accept, post and clear payments made via ClairMail's two-way mobile payments solution. GreenPayments creates a channel for new expedited fee income, and this expedited payments opportunity has been sized by Javelin Research as a $2 billion missed opportunity for billers. Additionally, according to MQA Research, 49 percent of customers would use a mobile banking/payment application if the opportunity was available. Juniper Research estimates that as many as 204 million users will generate mobile payment transactions worth $22 billion by the year 2011.
According to the release, GreenPayments gives consumers the control to authorize transactions from a pre-registered account that provides the convenience of recurring payments while keeping them in control of when money leaves their account. With GreenPayments, a two-way actionable alert message is sent to the payer's mobile phone with bill payment details such as payee name, dollar amount and due date. Consumers can reply to the message to instantly pay the bill from their mobile phone, or if the consumer decides not to pay at that time, they will receive up to two more bill payment alerts and can pay by simply responding with a "yes" reply.
"Recurring payments are extremely valuable to billers as a way to ensure on-time payment of bills each month, drafted on the same day," said Todd Juracek, president of enterprise payments for WAUSAU Financial Systems. "Consumers typically do not like to give up that much control and recurring payment adoption has not been very good. WFS' GreenPayments serves as a way for consumers to give authorization of transactions from a previously established account that approximates a recurring payment service while keeping control in the hands of the consumer. Billers can improve receivables payments by up to 20 days, reduce costs, consume less paper and reduce transportation costs, providing significant 'green' benefits to all of the participants involved in the lockbox chain."
Trends / StatisticsTransaction ProcessingNorth AmericaBank / Credit UnionBranch TransformationWausau Financial Systems
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