Online Bill Pay services allow consumers to set up one time or recurring bill payments through a secure online account. Payments are usually made from the consumer's checking account, but some services allow credit cards. It has become the norm for online households to use Online Bill Pay services offered by their financial institution and/or via the biller's website. According to Fiserv's 2012 Billing Household Survey, 73% of those who access the Internet at least once a week now pay at least one bill online each month.
While Online Bill Pay enables a "paperless" way for consumers to pay their bills, billers often don't receive the payment electronically. Bill payment services will often send a check with a listing that aggregates payments from multiple customers. These "check and list" payments tend to require manual processing because unlike traditional check remittance payments, online Bill Pay checks are not accompanied by a remittance coupon, are printed in a wide variety of formats, and often have incomplete or truncated account posting information.
RP Solutions' ExpertRPS Online Bill Pay feature automates this process, allowing billers to settle online bill payments with minimal data entry and no special workflow steps. Using pre-defined "templates" and sophisticated recognition technology, ExpertRPS can identify specific check formats used by different Bill Pay services. Then it extracts and matches both the customer account data and the customer name for accurate accounts receivable posting.
Ask us how ExpertRPS can automate the processing of the online Bill Pay checks you receive!