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Description
Most Americans pay their phone and utility bills using direct debit. This friction-heavy, tedious process requires consumers to copy and paste account and routing information from their bank’s website or mobile app. On top of this, to maintain compliance and abide by regulations, many businesses require customers to verify their account details via micro-deposits or a bank statement submission before they can be successfully onboarded. This can often be a days-long, onerous onboarding process prone to human error.
Open Banking simplifies the bill pay, onboarding, and recurring payment process by enabling merchants to use real-time account, transaction, and balance data to quickly verify a user’s account and provide the merchant with valuable insights into the financial health of their customers. In this session, learn how Open Banking technology can be leveraged to make onboarding, bill pay, and ongoing risk management more seamless.
Learning Objectives:
- Provide the audience with an understanding of the current state of bill pay and how it can be modernized with Open Banking.
- Inform the audience of Open Banking use cases within bill pay including onboarding, payment initiation, account verification, and risk management.
- Real-life application of Open Banking within Bill Pay with Verizon.
