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Expedited payment adds revenue to online bill payment
SAN FRANCISCO (9/29/08)--Financial institutions must incorporate expedited payments now or risk losing $5 billion in fees to third-party billers, a new study finds. The Javelin Strategy and Research study indicated that 32 million consumers actively use online banking bill payment in the U.S., and the volume of expedited bill payments will reach 400 million transactions by 2013. “Most consumers currently initiate expedited bill payments directly with the biller versus their financial institution,” said James Van Dyke, Javelin president. “Financial institutions have the opportunity to directly offer expedited payment services, reaping fees and strengthening their payments franchise.” The report also indicated that 45% of existing mobile bankers use expedited payments at least once a month and certain age groups are poised to drive mobile channel growth. “While the online channel is primarily used for expedited payments, mobile could represent incremental value to banking and bill pay customers,” said Bruce Cundiff, Javelin director of payments research and consulting. Consumers are accepting higher fees associated with expediting bill payments in lieu of facing costly late payment charges, Javelin said. The price of expedited payments could double over the next five years--to $16 in 2013.


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