Banking Software streamlines paper check processing.
May 7, 2009 -
Leveraging streamlined processing methodologies, distributed printing capabilities, and reduced postal rates, PostcardCheck helps financial institutions increase efficiency and lower expenditure associated with paper payments in online bill pay. It is available for integration with any existing online bill pay solution and can immediately lower cost of single-check payments by up to 30%. Proprietary check format minimizes errors and rejections.
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|Original Press release |
3600 Bridge Parkway, Suite 200
Redwood City, CA, 94065
Yodlee® Announces Another Payments Innovation with Cost-Cutting, Patent Pending Yodlee PostcardCheck(TM)
New Paper Check Format Features Improved Speed, Efficiency and Reduces Paper Payment Costs by Up to 30%
REDWOOD CITY, Calif., April 21 -- Yodlee, Inc. today announced another pioneering payments development with the unveiling of the Yodlee PostcardCheck, aimed at increasing efficiency and lowering the significant costs associated with paper payments in online bill pay.
Nearly two of every ten payments originated online in the U.S. are still processed via paper check. Financial institutions offering online bill pay to their consumers incur per item costs of a single paper payment up to ten times higher than comparable electronic payments. Paper payments are by far the most costly component of any online bill pay system. Yodlee has built a new, proprietary PostcardCheck solution that helps financial institutions immediately lower the cost of single check payments by up to 30%.
"There hasn't been any real innovation in paper check payments in a long time," said Peter Hazlehurst, SVP Product Development at Yodlee. "With Yodlee PostcardCheck, we're further extending our track record of innovation in the payments industry by delivering a solution for single check payments that dramatically reduces expenses and at the same time increases processing efficiency. We estimate that by leveraging streamlined processing methodologies, distributed printing capabilities and reduced postal rates associated with Yodlee PostcardCheck, most financial institutions can save up to 30% per payment. In a tough economy, a 30% cost reduction is a significant improvement that all institutions should investigate. Extensive testing of the new proprietary check format indicates that these savings can be obtained without any increase in the returns or rejections typically associated with paper payments in general."
Yodlee PostcardCheck is designed for rapid deployment and is available for integration with any existing online bill pay solution, or as an included feature of the Yodlee BillPay suite of solutions, including Yodlee PayItAll (a complete, pay anyone solution) and revenue-generating Yodlee DirectPay (interchange generating card based payments) and Yodlee PayToday (fee-based, guaranteed same day payments) online bill pay solutions.
"When you add it all up, Yodlee is unique in combining cost saving and revenue generating bill pay innovations that can help any financial institution transform online bill pay from a pure cost center into an efficient, revenue generating tool," said Hazlehurst.
Key Features of Yodlee PostcardCheck:
-- Dramatically reduced single check processing costs -- up to 30% in most cases
-- Distributed printing capabilities for streamlined processing and delivery
-- Proprietary check format designed to reduce errors and rejections
-- Rapid deployment and seamless integration with any existing online bill pay solution
Key Components of Yodlee's BillPay Suite of Solutions
-- Yodlee BillPay PayItAll
-- A complete pay anyone solution
-- Over 4,000 electronic payees
-- Integrated proprietary revenue generating and cost saving Yodlee DirectPay, Yodlee PayToday and Yodlee PostcardCheck components
-- Good funds and risk based payment models
-- Yodlee DirectPay
-- Proprietary card-based biller network -- Full interchange revenue generated with every payment (credit or debit card)
-- Hundreds of billers across multiple categories
-- Yodlee PayToday
-- Proprietary, fee based urgent payments network
-- Guaranteed, same day electronic payments
-- Hundreds of billers across multiple categories
-- Yodlee PostcardCheck
For more information about Yodlee PostcardCheck and the entire suite of Yodlee online bill pay and payments solutions, please visit www.yodlee.com.
Leading financial institutions trust Yodlee to power critical online banking applications that increase profitability and drive more value from the online channel. Yodlee's proven personal financial management, payments, and customer acquisition solutions unify all personal financial account information to deliver a simple, centralized and secure way for consumers to manage all of their financial tasks anytime, anywhere. Yodlee makes financial institutions' websites essential to their customers and generates new deposit and revenue opportunities. Yodlee's patented data, payments and risk management utility supports more than 11,000 account sources and over 100,000 different account types. More than 100 leading financial institutions and portals offer Yodlee-powered solutions to millions of customers worldwide. Yodlee is headquartered in Redwood City, California. For more information, visit www.yodlee.com.
Yodlee, Yodlee PostcardCheck, Yodlee BillPay, Yodlee PayItAll, Yodlee DirectPay and Yodlee PayToday are trademarks of Yodlee, Inc. All other products and services mentioned are the property of their respective owners.