Software Inc., a leading provider of mobile banking SmartApps
for community financial institutions, has launched Picture Pay™, a
standalone mobile payment solution that enables users to complete
payments via the camera on their mobile device. The new functionality is
in use by $4.3 billion Abilene, Texas-based First
Financial Bankshares, Inc. (NASDAQ-FFIN).
Picture Pay™, developed in conjunction with Fort Wayne, Ind.-based Allied
Payment Network, allows users to complete a payment in three simple
steps: take a photo of the bill statement, confirm the amount to be paid
and submit the payment to the financial institution. Optical character
recognition (OCR) technology reads the data from the statement and
built-in analytics confirm biller information. Users also have the
option to rush payments for a fee, creating a strong value proposition
and a revenue opportunity for financial institutions. By leveraging the
solution as a standalone channel, banks and credit unions can offer the
service in addition to Internet banking bill pay while reducing the time
customers and members must spend entering biller information for new
"As we see more of our customers bypassing the online channel in favor
of the mobile channel, mobile payment capabilities become increasingly
important," said Gary L. Webb, executive vice president of First
Financial Bankshares, Inc. "Our customers expect intuitive and quick
transaction capabilities through our SmartApp mobile banking solution,
and traditional bill pay can require upwards of ten steps to complete.
Picture Pay lines up well with our focus on ease-of-use and truly makes
the bill payment process 'smart.' Our customers love the convenience of
depositing a check through the mobile channel: now that convenience
exists when paying a bill."
"While 40 to 45 percent of financial institution customers use Internet
banking, only 20 percent leverage Internet banking bill pay. The ease of
Picture Pay will encourage more people to take advantage of electronic
payment services, creating greater customer loyalty for those
institutions that offer it," said Ralph Marcuccilli, president and CEO
of Allied Payment Network.
"A surprising number of people do not use Internet banking bill pay
because of the time it takes to set up billers," Robb Gaynor, chief
product officer and co-founder of Malauzai. With Picture Pay, it takes
seconds to send off a payment. This process also saves the financial
institution nearly 40 percent of the cost of a traditional Internet
banking bill payment. Like most innovations in the mobile channel, it's
a win-win for the FI and its customers and members."
About Malauzai Software
Malauzai was incorporated in 2009 in response to the growing demand in
the mobile channel marketplace. As a leading-edge company in a cool
town, with a focus primarily on community financial institutions,
Malauzai looks to provide mobile solutions that will enhance the
customer experience ultimately resulting in increased value.
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