BROOKFIELD, Wis.—Pulling together bill pay, P2P payments and account-to-account transfers onto a single platform will allow FIs to better utilize consumer data and make relevant cross-sales in real time.
That is a key benefit of Fiserv’s NOW Network, the data processor told CUToday.info. Fiserv introduced the NOW Network earlier this month at Money 20/20 in Las Vegas.
Matt Wilcox, SVP of marketing strategy and innovation, said that by centralizing consumer payment data onto one platform, banks and credit unions can easily access the data to effectively cross-sell.
“Right now, much of the payment data financial institutions have access to is fragmented, spread across several platforms,” said Wilcox. “The NOW Network integrates that data.”
NOW Network money movement is real time, said Wilcox, who sees that as a big benefit to consumers who use the service, as well as for FIs—allowing banks and credit unions to reach out to consumers with an offer as they are making a payment.
“For example, a credit union member pays a credit card bill to another financial institution over the NOW Network. The credit union’s system sees this and sends the member its best credit card rate and balance transfer offer.”
The user experience, for both the FI and consumer, is improved, said Wilcox, compared with splitting payments across several platforms. “No more multiple user logins. And for the financial institution, with the integrated back end, they will have a single entry point.”
The NOW Network eliminates redundant back-end systems by combining electronic endpoints and routing capabilities.
Wilcox said the NOW Network will evolve, adding features and functionality. “We believe this is the future of money movement and consumer data intelligence.”
Fiserv said that it will add the capability for consumers to direct payment to a person by snapping their picture with their smartphone. Facial recognition software would reference a bank of images stored on the phone.
“We see image capture having a great deal of applicability to money movement and to overall banking in the future,” added Wilcox.