Tech firm HC3 has joined forces with mobile payments provider Papaya to enable banks to leverage mobile technology to streamline bill payments for physical statements.
HC3 partners with banks and credit unions to redesign loan and DDA statement documents to improve the consumer experience.
Through its partnership with Papaya, the firm will enable financial institutions to offer a free payment app that allow users to pay bills using a photo of the document.
Papaya vice-president of strategic partnerships Joel Libassi noted: “With Americans paying roughly 14.9 million bills a year, it’s important to offer a mobile capability to easily pay their statements.”
HC3’s print and digital statements are designed to enhance customer communications by offering relevant information in a format that improves readability and supports increased fulfilment.
Payment app developed by Papaya will allow the users to take a photo of loan documents to make a payment using their preferred card or bank account.
“Through our partnership with HC3, banks and credit unions can make their loan departments more efficient and increase collections while also enhancing customer communication with optimised documents,” Libassi added.
According to the company, the simplicity of the payment process is expected to result in minimised inbound payment phone calls by over a third.
It is also claimed to accelerate the speed of payments twice as fast as traditional bill pay channels.
Commenting on the development, HC3 president Griffin McGahey said: “By working with Papaya, we are able to make payments as simple as taking a photo. Our expertise and innovation in designing and optimising statements enhances customer understanding and prompts faster payments on those bills.”
In March this year, ACI Worldwide teamed up with InComm Payments to digitise cash payments utilising a barcode payment token to make it easier for consumers to pay bills.