Finovera Bill Manager
Finovera is a digital bill management and payment solution that redefines how digital application users receive, manage, and pay their bills online by bringing simplicity, efficiency, and convenience to members. For financial institutions, this means higher engagement and increased revenue. The Finovera platform delivers eBills including PDF statements from more than 14,000 billers, enabling digital users to pay their bills using credit cards, debit cards, or bank accounts, monitors unusual charges and can recommend other products — including loans and credit cards based on the financial intuition’s user bill data and spending patterns.
Financial Institutions are facing a generational challenge accelerated by the pandemic, resulting in heightened digital engagement with their users. A recent phenomenon is that billers will bill users directly for services and encourage those users to pay via debit or with credit cards, while companies are releasing their own cards and offering points/discounts to participate in interchange fees, confusing the users on bill delivery options and how to manage their card activity. The result is that FIs are losing their position of being the transaction hub for their users to the advantage of Challenger Banks and NeoBanks.
Online bills delivered automatically
Finovera collects a 12-month history of bills and statements, and automatically downloads new ones as they post. When a payment is due, and when the user is ready to pay, Finovera will log them in to the right account automatically, taking the hassle out of paying your bills online.
Manage everything in one place
Finovera Bill Management puts the end user back in control of their bills and their card management. This valuable service is at the heart of Capital One’s strategy (Ranked as the best FI at helping people manage their financial lives by Cornerstone in April 2021)
By inserting the FI’s cards to pay bills, the FI gains interchange fees. Again, Cornerstone ranked this as the #1 way to quickly increase fee income in April of 2021.