Enriches online bill payment systems with an overnight check delivery option.
MSI Expedited Payments™ allows online bill-pay solution providers --and their financial institution clients-- to offer consumers and businesses a highly cost effective, automated, and quality controlled mechanism to expedite paper check payments to billers and other payees, with online self-service access to delivery tracking and confirmation.
“Pay Anyone” Overnight.
MSI Expedited Payments™ directly addresses the estimated 20 to 30 percent of online bill payments which currently require printed paper checks, payments to electronic payees who can not post payments by next business day, high value payments, and payments where users seek increased oversight and security through courier tracking and confirmed delivery. In addition, many users today abandon their financial institution’s bill payment web site entirely, seeking alternative payment channels, when a “panic” or special handling payment needs to be made. MSI Expedited Payments provides a mechanism to initiate payment to virtually any payee within the continental U.S. up until 6 pm Pacific Time, with next day delivery and online delivery verification. This dramatically increases convenience and customer “stickiness”, while generating new incremental fee income to providers.
How it Works
The service requires minimal integration with the online bill payment application. MSI provides a web services API to pass all the payment details in real time to MSI. The API immediately replies with a Federal Express® tracking number which can be displayed as a hypertext element in the user’s transaction history encouraging user initiated self service for payment delivery questions.
Meanwhile, MSI utilizes the payment information to print a Federal Express® compliant, bar-coded delivery waybill, along with the check that can be set up by MSI to mimic exactly the payments otherwise sent by regular mail. Using extensive quality control systems, payments are automatically inserted into a specialized (approx 6” x 9”) sealed window envelope co-developed by MSI and Federal Express® exclusively for this process.
Features
For Financial Institutions and Bill Pay Solution Providers
- Easy to Integrate secure API.
- Bill Pay Solution Provider has complete control over user interface layer.
- Turn-key Solution based upon proprietary envelope and automation that dramatically reduces courier costs while virtually eliminating human error in express shipment preparation.
- New Incremental Fee Income opportunities.
- Checks can be branded for each participating financial institution.
- Immediate assignment of Tracking Number and URL for consumer delivery status verification which significantly curtails user inquiries.
For End Users
- Instant, click through initiation of last minute payments through the online banking experience.
- Pay anyone.
- Immediate assignment of Tracking Number.