Bill Pay Module (BPM)
The Bill Payment Module (BPM) from ITI gives your customers a cost justifiable alternative to checks and postage by automatically generating payments which they can authorize verbally or electronically. Payment authorizations may be made using the telephone and entered manually through either BPM or PRM account maintenance, or made electronically using a touch-tone telephone through the TeleBanc or by PC through the Premier eCom or Premier eCorp.
BPM can be used to increase the funds held on deposit at a financial institution. Customers are encouraged to use the bill payment service where they can centralize their funds for payment and control. Merchants and tax agencies maintain accounts where they can benefit from same day transfers to improve cash flow.
When all financial institution and customer costs are considered, payments made electronically can cost as little as one-third the amount of payments made by check. The costs of BPM processing are reduced significantly by consolidating payments to vendors on a single check or using Automated Clearing House (ACH) payments. BPM is a new source of revenue with automatic payment charges.
Customers appreciate the convenience BPM offers. Payments can be initiated anywhere there is access to a telephone. Because customers have more control, they are inclined toward more interaction and develop strong loyalty with their financial institution.
- Vendor authorization and payment control
- Bill payment control
- Automatic service charges
- Multiple payment methods
- Check Register
- Loan escrow payments
- Tax Agency Service Interface
- Account updating during normal processing
- Automatic integration with PRM, FMS, CRS