"An e-messaging service provides a value-added capability for billing organizations who want to cut costs and streamline delivery of required service notices, and makes sense for billing organizations," said Bruce Cundiff, director of payments research and consulting, Javelin Strategy and Research. "Using a customizable electronic service and account notification tool ensures billers they are extending the full value of the paperless relationship with their customer to maximize their cost savings."
Depending upon the industry, billing organizations may need to communicate service-related information, or may be required by government regulations or statutes to provide customers with certain account information, such as annual statements, rate changes, disclosures, updates to terms and conditions or privacy policies, account status, collection or disconnection notices, or service advisories.
"More than sixty-four million U.S. households have chosen to pay bills online - and many are converting to paperless billing. Because billing organizations typically send service or regulatory messages to their customers through traditional postal mail, they may not be achieving their paperless cost saving goals," said Michelle Flint, vice president and general manager, Biller Solutions, Fiserv. "The eMessaging Service from Fiserv enables cost savings as we provide a secure way to deliver electronic messages and connect with customers at their preferred touch point - online. This also minimizes dependence on a consumer's physical address and personalizes the communication process."
The eMessaging Service benefits a broad spectrum of billing organizations, specifically credit card companies, utility and energy providers, telecommunication services, mortgage and lending companies, and insurance providers. The eMessaging Service uses the cost effective and efficient e-mail channel in which delivery can be easily tracked, unlike paper mail. As an example, one of Fiserv's current eMessaging Service customers is sending thousands of messages per month on average using the new service, and is realizing an email delivery rate of greater than 99 percent while projecting an annualized cost savings of $1 million.