Snap-to-Pay has been tested through an extensive proof-of-concept evaluation for ease of use and accuracy, and to ensure it meets Fiserv standards for security. It is designed to complement existing billing and payment capabilities, and has the potential to grow the number of customers making electronic bill payments and receiving e-bills while increasing customer self-service and satisfaction. Billers and financial institutions that offer Snap-to-Pay functionality have a distinct opportunity for market differentiation.“The launch of Snap-to-Pay reflects the ongoing evolution of the Fiserv payments vision,” said Ginger Schmeltzer, SVP, Emerging Payments, Fiserv. “It’s important that we make the end user mobile payment experience easy and friction-free in order to drive adoption, and capturing bill information with Snap-to-Pay is an embodiment of this concept. Snap-to-Pay is a timesaver, and that is a valuable convenience for people who want to pay a bill and get on with their day.” Given consumers’ growing use of smartphones and comfort with their built-in cameras, image capture is a logical next step for bill enrollment and payments via the mobile channel. According to Fiserv research, the Snap-to-Pay functionality has the potential to drive greater adoption of mobile bill payment. The 2013 Fiserv Billing Household Survey showed that 57 percent of U.S. online households own a smartphone, and that 16 percent have paid a bill using their smartphone. The top feature that would motivate them to pay bills or pay more bills using their smartphone is the use of an app and smartphone camera to take a picture of the bill, cited by 36 percent of respondents. Given its capabilities and alliance agreements, Fiserv is uniquely positioned to deliver to its clients robust photo bill payment functionality via smartphones, including the mobile platform, optimization engine, optical character recognition (OCR) engine and access to the largest bill payment network in the U.S. Fiserv may use the image capture technology licensed from TIS for a range of additional applications beyond Snap-to-Pay, including tasks such as mobile account or product enrollment and mobile document capture for items such as receipts or loan documents.
About FiservFiserv, Inc. (NASDAQ: FISV) is a leading global technology provider serving the financial services industry, driving innovation in payments, processing services, risk and compliance, customer and channel management, and business insights and optimization. For more information, visit www.fiserv.com. FISV-G