Fiserv, Inc. announced that the CheckFree RXP money movement platform has been expanded to support account-to-account transfers and same-day bill payments.

These new functionalities integrate with the existing bill payment and person-to-person payment capabilities available through CheckFree RXP to create a robust digital payments suite for financial institutions. While the elements of this suite can be used a la carte, the company said they are designed to drive increased transactions when offered together.

Fiserv said the new account-to-account transfer and same-day payment capabilities enhance the functionality of digital banking for consumers while providing financial institutions with fee-based revenue opportunities. Financial institutions that offer a consolidated set of frequently used money movement tools—bill payment, person-to-person payments and account-to-account transfers—become a destination from which consumers can move money any way they choose.

Fiserv facilitates these transactions through its network, which connects thousands of businesses and financial institutions with millions of consumers.

“Fiserv data shows that financial institutions that are offering person-to-person payments along with bill payments are seeing an increased number of overall transactions among users,” said Tony Catalfano, division president, Electronic Payments, “and we expect to see similar increases with the addition of account-to-account transfers to CheckFree RXP.”

The new account-to-account transfer capabilities in CheckFree RXP enable users to transfer funds into and out of checking, savings, and money market accounts within the same financial institution, or between different financial institutions. Users can choose one-time or recurring transfers, and choose from a variety of alerts and reminders to help them stay up to date on their transfer activity. The account-to-account transfer capability can be integrated into the bill payment user interface or presented independently, depending on the preference of the financial institution. Financial institutions have the option to charge for transfers, and can set separate fees based on internal or external account transfers. Fees can also be tiered based on user characteristics through the fee manager capability within CheckFree RXP.

With the same-day bill-payment feature, consumers can now pay a wide variety of household bills through financial institution websites the same day they are due, a function typically only available at biller-direct websites. Consumers will be able to select same day delivery as part of the normal payment scheduling process, ensuring an uninterrupted service experience at the financial institution website.

For more information go to:
http://investors.fiserv.com/releasedetail.cfm?ReleaseID=583478