Allied Payment Network Debuts Real-Time Bill Pay for CUs

A company that provides mobile bill payment services to credit unions has unveiled new bill pay technology that allows members to make real-time payments from their credit unions’ websites or mobile apps.

Fort Wayne, Indiana-based Allied Payment Network said it developed the technology, called Pay Now, in collaboration with financial services software provider Finastra. The companies said Pay Now allows members to move money from their accounts directly to billers, and it provides instant confirmation that the bill is paid.

“Many of today’s consumers will choose a bank based on the depth of its digital capabilities or, conversely, leave one that is falling short,” Allied Payment Network founder and CEO Ralph Marcuccilli said. “Banks that offer customers real-time bill payment set themselves apart as digital leaders, building engagement that is vital to longevity in this highly competitive marketplace.”

Marcuccilli said the technology appeals to existing bill pay users, as well as to members who want a way to manage bills centrally rather than making payments on individual biller websites.

Allied Payment Network said it plans to roll out Pay Now across its partner and financial institution networks in early fall.

Bill pay has been an area of innovation and heavy investment for many technology companies in and around the credit union industry.

For example, St. Petersburg, Fla.-based PSCU has invested heavily in cloud-based Lumin Digital, which operates a cloud-based platform that provides mobile and desktop bill pay, as well as card controls, personal dashboards, remote deposit capture, security controls, automatic updates and the ability to add custom desktop, mobile web and app features.

ACI Worldwide has also made significant investments in bill pay, such as the acquisition of Western Union’s Walletron business, which operates a network of billing and payment partners that manages more than 12 billion bills. ACI Worldwide said that deal could make it possible for more consumers to view bills from their Apple Wallet or Google Pay and make payments via their smartphones. Earlier this year, ACI Worldwide also announced its $750 million purchase of Western Union’s Speedpay bill pay business, which it said it planned to combine with its own UP Bill Payment platform.

In February, Tulsa, Okla.-based fintech firm Enacomm and Pasadena, Calif.-based technology CUSO Wescom Resources Group announced a new partnership intended to expand their bill pay services, as well as their voice banking offerings, customizable online banking technologies and intuitive mobile banking to more credit unions.

Late last year, Jack Henry & Associates launched a bill pay product that allowed credit union members to pay bills using their voices and an Amazon Alexa smart speaker. The company’s iPay QuickPay product was designed to let members initiate payments, review scheduled payments and get basic information about their payments history via voice commands.

A recent survey of 240 U.S. credit unions by CO-OP Financial Services, Mastercard and Mercator Advisory Group found that 54% of CU executives, debit card product managers and other employees felt bill pay was an extremely important feature in mobile banking apps.