Fiserv Expands In-Person Bill Payment Network to NCR Atleos ATMs
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Insights
The partnership between Fiserv and NCR Atleos Corporation marks a significant development in the financial technology sector, particularly in the bill payment processing niche. By integrating bill payment services into the ATM network, Fiserv is tapping into the cash-preferred consumer segment. This move could potentially increase the volume of transactions processed through Fiserv's CheckFreePay network, which may enhance the company's revenue streams. Additionally, the expansion into retail locations is a strategic move to leverage existing foot traffic, which could lead to higher engagement rates and customer acquisition for Fiserv.
From a financial perspective, the automation of bill payments at ATMs should lead to operational efficiencies for merchants. This could result in a reduction of labor costs associated with manual bill payment processing. Moreover, the increased convenience for consumers might translate into higher customer satisfaction and retention rates. Merchants, by hosting these ATMs, could see a boost in incidental purchases as consumers visit stores to pay their bills, potentially impacting same-store sales positively.
Consumer behavior trends indicate a persistent segment of the population that prefers cash transactions over digital payments. Fiserv's initiative to facilitate in-person cash bill payments at ATMs in retail environments aligns with these consumer preferences and addresses a gap in the market. It also reflects an understanding of the importance of omnichannel strategies in retail and financial services. By offering multiple payment channels, Fiserv is likely to capture a wider customer base and meet the needs of underserved consumers.
Furthermore, the choice of ATM locations in high-traffic retail settings such as grocery stores and pharmacies could lead to increased utilization of the service. This strategic placement ensures that the service is not only convenient but also highly visible, potentially driving adoption. The partnership with NCR Atleos Corporation could also pave the way for future collaborations and innovations in the self-service financial space, which is a growing trend as consumers seek more control over their financial transactions.
The collaboration between Fiserv and NCR Atleos Corporation is poised to redefine the utility of ATMs within the retail sector. By converting ATMs into multi-functional kiosks that facilitate bill payments, retailers can expect to see an increase in foot traffic. This could be particularly beneficial for retailers, as it may encourage consumers who come in to pay bills to make additional unplanned purchases. The introduction of these services at non-banking locations is a reflection of the evolving nature of retail, where convenience and value-added services are becoming crucial differentiators.
For retailers, the decision to host these ATMs should be weighed against the potential for increased foot traffic versus the space and resources allocated for the machines. The long-term implications for retailers include not only the potential for increased sales but also the strengthening of customer relationships by providing a valuable service. This can enhance the retailer's brand as a one-stop-shop destination, potentially leading to a competitive advantage in the crowded retail market.
Consumers will be able to pay utility, phone, cable and other bills in cash in person at ATMs at leading
Bill payment capabilities will initially be available at thousands of Atleos ATMs that accept cash today, expanding as more cash-in ATMs are rolled out across
“Many consumers prefer to pay bills in person in cash, and CheckFreePay helps them streamline financial tasks with multiple ways to pay in places they visit every day,” said Brian Seemann, senior vice president of Biller Solutions at Fiserv. “Adding a self-service bill payment option at thousands of Atleos ATM locations will expand consumer access to these capabilities while enhancing efficiency and increasing foot traffic for merchants.”
Traditionally, ATMs that accept cash have primarily been available at bank and credit union branches. With more of these ATMs now in place at retail locations, consumers can pay utility, phone, cable, insurance, credit card, auto and other bills securely via self-service instead of walking up to a counter or paying in the checkout line. Merchants can shift cash payments previously made with assistance from store personnel to self-service ATMs, automating transactions and improving efficiency of store operations, while still benefitting from increased foot traffic.
Customers can search for locations where they can pay their bill in person by referring to their statement or visiting the CheckFreePay payment locator website or their biller’s website. Consumers will receive a receipt once payment is complete.
“Enabling reliable in-person bill payments via CheckFreePay allows us to expand financial access for consumers, providing them fast credit for funds received, and benefits merchants by building brand loyalty,” said Ben Bregman, vice president of Product Management for Atleos. “Our partnership with Fiserv benefits consumers, billers, and merchants and is another example of how Atleos is committed to innovating and expanding the transactions supported by our self-service devices.”
Through CheckFreePay, Fiserv is the largest processor of walk-in bill payments in
In a world that is moving faster than ever before, Fiserv helps clients deliver solutions in step with the way people live and work today – financial services at the speed of life.
About Fiserv
Fiserv, Inc. (NYSE: FI), a Fortune 500 company, aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index and has been recognized as one of Fortune® World’s Most Admired Companies™ for 9 of the last 10 years. Visit fiserv.com and follow on social media for more information and the latest company news.
About Atleos
Atleos (NYSE: NATL) is a leader in expanding financial access by shifting transactions to the self-service channel and enabling financial institutions and retailers to leverage its ATM network – the largest independently-owned network in the world. Through its digital-first technology and unmatched global services operation, Atleos optimizes the branch, improves operational efficiency and maximizes self-service availability. Atleos is headquartered in
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240214297197/en/
Fiserv Media Relations:
Mark Jelfs
Senior Manager, Communications
+1 262-737-8244
mark.jelfs@fiserv.com
NCR Atleos Media Relations:
Scott Sykes
Executive Director, Public Relations
scott.sykes@ncratleos.com
Source: Fiserv, Inc.
FAQ
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