Posted by Kristen Jason on 01 Feb 2021
Current events have heightened the importance of offering a flexible billing and payments solution, but for many, introducing new technologies means long and complicated technical projects. In reality, an implementation does not need to be slow or difficult when you have a seamless integration with your online banking (OLB) system. Alacriti’s Vikas Manchanda, Senior Director of Product & Strategy, explains the benefits of integration between your Electronic Bill Presentment and Payments (EBPP) solution and OLB systems here.
Having an integration with an OLB means that the integration is actually on the front end of the credit union, which is the member-facing interface. It’s possible that you will not need an integration into the core if you are offering web payments only as a channel. The integration here is to the database for online banking, giving you a comprehensive modern digital banking platform.
The most significant is a frictionless bill payment experience for the member. The member should never know that they are going from a credit union site to an EBPP provider site. The credit union can offer all of the payment channels from the same UI (user interface)—bill payments, checking, saving, etc. And it’s also a more efficient experience for the client’s IT staff and leadership. When you go to a conventional third-party vendor, it won’t look like a truly seamless experience.
When using an EBPP provider that is already certified with your credit union’s online banking system, it reduces both cost and time-to-market. The integration means the credit union doesn't have to do any work to integrate the OLB system into the EBPP—it's all pre-built.
If a vendor only has a core integration, the credit union will have to work out how to hand off the customer to the vendor's site, and it will be less seamless—the member will need to re-authenticate. The online banking system integration with EBPP is about providing a more consistent and seamless experience for members. Whereas the core integration is about the member information or data. The ideal combination is when an EBPP service provider has both types of integration.
A modern EBPP solution provides your credit union with low-cost payment processing while providing superior member experience across all channels. That means offering the capability to accept payments from any device and with another level of convenience, such as pay-by-text and AI chatbot assistance. Members should also have access to flexible options like one-time, recurring, and autopay.