Nebraska-based Pinnacle Bancorp ($5.8 billion in assets) has selected financial services technology provider Fiserv, Inc.'s CheckFree RXP online bill payment service in an effort to expand the bank holding company's online billing and payment capabilities.
The service will allow Pinnacle customers to schedule payments as well as set reminders and alerts. The ability to pay bills online is a growing market according to a Fiserv Consumer Billing and Payment Trends survey, which estimates bill pay usage among U.S. households has increased from five million to 33 million in the last decade.
"CheckFree RXP will provide a superior user experience for our customers," said Bruce Paitz, director of eBanking for Pinnacle Data Services. "Same-day settlement is a big plus because it is an intuitive process -- money leaves the account on the same day the bill is paid. And enabling our customers to receive and pay e-bills without ever leaving the online banking site is another way for us to make bill payment less of a hassle."
Fiserv's ability to tightly integrate its CheckFree RXP with online banking and account processing platforms was a reason cited by Pinnacle for adopting the technology.
"Pinnacle Bancorp's move to CheckFree RXP will provide them with an online payment solution that is intelligent, intuitive and interactive," said Erich Litch, SVP and GM, Consumer Services, Fiserv. "Pinnacle will be able to offer superior money movement functionality through a service that has been, and will continue to be the benchmark for leadership in online payments, both in terms of functionality and user experience. They will also be able to deliver the latest functionalities to their customers on an ongoing basis thanks to the streamlined CheckFree RXP Feature Pack update process."