Fiserv Inc. plans to offer a same-day bill-payment service to banks by the second half of the year through a partnership with the Minneapolis-based funds-transfer company MoneyGram International Inc.
Fiserv, of Brookfield, Wis., announced April 26 that bills from more than 100 banking companies would be available for same-day payment initially. The company could add more than 1,000 billers, depending on demand. Fiserv already offers expedited overnight and two-day paper check options to customers.
“Payment speed is really a critical element of customer satisfaction and utilization,” says Erich Litch, a Fiserv senior vice president and general manager of consumer services.
Financial institutions decide whether to charge fees for rush payments and how much to charge, but Fiserv recommends fees of $6 to $20 per payment, depending on the type of bill, Litch says.
The availability of expedited bill-payment services has grown in recent years with payments companies such as Western Union Co. and Fidelity National Information Services Inc. rolling out such products.