April 15, 2013
American bank introduces bill payment through smartphone photos
FORT WAYNE – A Texas-based bank has launched a mobile bill payment solution that takes advantage of the smartphone cameras to simplify payments. Through Picture Pay, once a customer takes a picture of a bill with their smartphone, they simply enter the amount and payment date and the bill is paid. Picture Pay’s technology reads the data from the bill and its built-in analytics confirm the biller. Then, Picture Pay automatically executes through Allied Payment Network.
“As mobile payments become more prevalent, we felt like a traditional bill pay feature for smartphones could prove cumbersome, with limited adoption. We needed a bill pay solution that embraced the mobile platform to ensure our user experience met our customers’ evolving needs,” said Jim Simpson, chief technology officer for City Bank. “By implementing Picture Pay, we’re able to achieve that goal with a unique offering that will set City Bank apart from other financial institutions in our competitive market.”
Allied’s Picture Pay is the first mobile point, shoot and bill pay application for smartphones, enabling City Bank’s customers to easily and securely pay any bill by taking a picture of the bill with their mobile device. Picture Pay is an added functionality to City Bank’s existing mobile banking app. More than 40 per cent of City Bank’s customers utilizing its traditional online banking product have adopted the mobile app, which is higher than the industry average.
Picture Pay also streamlines the payment process by identifying and automating payee set-up, which has proven particularly helpful for customers’ non-recurring payments. Additionally, Picture Pay provides City Bank customers with the option to expedite payments for a small convenience fee, which eliminates more expensive late fees for customers and generates additional fee revenue for the bank.
About Allied Payment Network
Allied Payment Network is a visionary and innovative company that applies emerging bill pay technologies for the financial industry and its customers. The company was created to make the bill paying process easier and more convenient for the consumer, and more efficient and cost effective for financial institutions. With its solution, Picture Pay, Allied has pioneered the first mobile point, shoot and bill pay application for smartphones.