Payveris introduces loan repayments for financial institutions
By Edlyn Cardoza
- electronic check
- Financial institutions
Modern money movement leader Payveris, a division of Paymentus, recently launched Loan Payments®, a cutting-edge loan and debt repayment service with the broadest range of real-time payment methods and channels available on the market. Loan payments® is designed to help financial institutions meet growing consumer demand for fast, convenient and secure payment methods and channels, while reducing operational overhead and driving better customer engagement and loyalty.
A Aite-Novarica Group investigation from 2021 revealed that 89% of consumers wanted more real-time payment options from their digital banking experience. While consumers are enjoying more payment choices, speed and convenience in just about every other aspect of their financial lives, they expect the same from their loan payment services – and aren’t happy with the status quo. what about financial institutions. A recentJD Power study found that non-bank loan servicers experienced a 17% increase in customer satisfaction, while banks experienced only a 4% increase.
“When financial institutions make it harder to accept and receive payments through coupon books or legacy loan payment systems, borrowers are less likely to consider them for their next loan,” explained Payveris Director of Innovation, Marcell King. “Offering choice, speed and autonomy is no longer a bonus, but a basic expectation for consumers. Financial institutions need to seriously rethink their loan repayment experience and meet customers where they are, and Loan Payments® can help them get there. Whether it’s a car loan, personal loan or mortgage, the days of consumers using a coupon book are over.
With Loan Payments®, financial institutions can deliver a true omnichannel experience that matches what consumers expect from shopping or paying bills. Payment methods supported by Loan Payments® include cash, debit card, and eCheck/ACH. Loan Payments® also allows consumers to choose their preferred payment channel, whether online, mobile, text, PayPal app, Amazon Alexa, Walmart, or directly to their bank or credit union. Along with added convenience and flexibility, Loan Payments® gives financial institution customers more control over how they automate and schedule payments and the ability to split their payments across multiple methods at once.
Financial institutions that offer dated loan payment experiences — where no-deposit customers can’t easily pay their loan bills online, make payments using various sources, or have their payments posted in real time — rack up more money. overhead in the form of Telephone calls. With a suboptimal loan payment experience, financial institutions invite these costly interactions with their customer service representatives. This problem only gets worse with scale.
WSECU, a Payveris customer since 2020, is one of the first financial institutions to plan to deploy Loan Payments®. “Our first priority is to improve the loan repayment experience for members, making it simpler and giving them more options,” said Melissa Wolff, Vice President, Operations Support and Payment Services at WSECU. “Payveris helps us do that, and that alone is a big win. But we also gain more from it, including operational efficiencies that come from not managing disparate processes. Now everything is centralized in one system payment processor, whichever option best meets the needs of an individual member.
Financial institutions also have another way to boost customer engagement and loyalty.
“Customer loyalty has traditionally not been a priority for loan servicing – your borrower owes you a debt, so it’s not like they can easily take their money elsewhere,” King added. “But in today’s lending landscape, financial institutions that are successful in modernizing payments are strengthening their customer relationships and positioning themselves to convert indirect borrowers into full-fledged customers, pursue more cross-sell opportunities, and increase value. lifetime of a customer.
Loan Payments® was first developed by Payveris’ parent company, Paymentus. The solution is powered by the Instant Payment Network®, the industry’s only integrated ecosystem of real-time digital bill presentment, payment and money movement capabilities. The Instant Payment Network® is currently trusted by many Fortune 500 companies, with more than 10 million consumers relying on it to make payments.
Other key benefits Loan repayments® offers include:
- Guest Pay – Most financial institutions do not have a customer payment option, which creates friction in the loan repayment experience for indirect customers. Loan payments® solves this problem by improving the user experience for the consumer while helping financial institutions convert indirect lending members into primary account holders.
- Alerts and Notifications – Loan payments® has smart alerts and notifications sent directly to borrowers’ mobile devices to help them stay on top of their loan repayments.
- Compliant and secure – The PCI Level 1 compliant EBPP platform ensures that electronic payments are secure and compliant with industry standards, offloading the burden and cost of compliance.
- Secure Service® – A consistent call center experience that eliminates PCI scope minimizes risk to financial institutions and protects customer payment information when sharing details over a mobile channel.
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