InvoiceCloud Empowers Billers with Granular Deposit Control: New Online Bank Direct Enhancement Separates Payments by Invoice Type
April 29 2024 - 9:00AM
Business Wire
InvoiceCloud, a leading solution for digital bill payment
services, today announced a significant enhancement to its Online
Bank Direct (OBD) solution, enabling billers to automatically
separate payments based on the paid invoice type, simplifying
deposits for their customers. This revolutionary feature
streamlines cash application and reconciliation processes, leading
to faster access to funds and improved financial visibility for
both billers and their customers.
“Financial institution Bill Pay systems remain a dominant force
in online bill payments,” said Steve Schult, Senior Vice President,
Products at InvoiceCloud. “Our new enhancement caters to this
reality by offering unparalleled deposit control, significantly
reducing manual effort and accelerating cash flow.”
InvoiceCloud's groundbreaking State of Online Payments survey
research, conducted in collaboration with Regina Corso Consulting,
revealed valuable insights into the continued relevance of
financial institution bill pay:
- 43% of survey respondents reported that their online bills are
paid through financial institution bill pay systems.
- 17% of survey respondents reported that they prefer to pay
their bills directly on their financial institution's platform.
This preference is just 3% behind the percentage of respondents who
reported that they prefer to pay their bills directly on the
biller's website.
- Survey respondents who are members of households with
higher-than-average annual income demonstrated a stronger
preference for financial institution bill pay systems.
Prior to this enhancement, OBD consolidated all payments into a
single deposit, posing challenges for billers with diverse invoice
types. Now, payments are automatically categorized and deposited
into corresponding bank accounts, based on pre-defined rules
configured by the biller. This eliminates the need for manual
sorting and allocation, resulting in:
- Faster Reconciliations: Billers can easily match
payments to invoices, saving valuable time and resources.
- Improved Cash Application: Funds are immediately
directed to the appropriate accounts, accelerating access to
working capital.
- Enhanced Efficiency: Streamlined processes free up
employees to focus on higher-value tasks.
- Greater Insight: Granular deposit data provides valuable
insights into customer payment behavior and preferences.
To learn more about InvoiceCloud’s Online Bank Direct solution,
click here. Or visit us at booth #415 during CS Week from April
30-May 2, 2024 in Fort Worth, TX.
About InvoiceCloud
InvoiceCloud provides modern digital payment, customer
engagement, and outbound disbursement solutions. The company
services more than 3,200 customers across the utility, government
and insurance industries and is a leader in the electronic bill
presentment and payment (EBPP) space. InvoiceCloud's SaaS platform
enables continuous enhancements to the customer experience
resulting in higher digital payment, autopay, and paperless
adoption rates. By switching to InvoiceCloud, clients can improve
customer engagement and satisfaction while lowering costs,
accelerating payments, and reducing staff workloads. To learn more,
visit www.InvoiceCloud.com.
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Media Contacts: Cathy Corwin Quarter Horse PR
Invoicecloud@qh-pr.com