Mastercard - BillerIQ | 2021 Innovation Spotlight

Summary

Roy Spinelli from Tranzactus, a Mastercard company, introduces Biller IQ, an electronic billing and payment solution designed to digitize loan repayment for credit unions. Acquired by Mastercard in 2019, Tranzactus aims to modernize payments. Biller IQ offers a biller direct platform, allowing credit union members to access loan information and make payments through a fully hosted, branded web portal. With over a thousand features, it's highly configurable and integrates seamlessly across digital channels, including web, text, mobile wallet, and phone. This streamlines back-office operations, reduces processing costs, and enhances member experience by offering self-service options and control over loan repayments.

Takeaways

• 💳 Transactis, a Mastercard company, specializes in electronic billing and payment solutions.
• 💡 Biller IQ is a platform designed to help credit unions digitize loan repayment processes.
• 📉 Paper-based loan repayments are costly and inefficient compared to digital-first options.
• 📲 Biller IQ provides a seamless, configurable, and branded digital experience for members.
• 🌐 Members can access loan information and make payments via various digital channels like web, text, and mobile wallets.
• 🔄 The platform supports one-time or recurring payments through multiple payment methods, including ACH, credit cards, debit cards, and PayPal.
• ⚙️ Credit unions can connect Biller IQ via API or upload bill files, giving members flexible access to loan details and payments.
• 📊 Biller IQ integrates all data into one system, streamlining back-office operations and simplifying reconciliation.
• 💼 The solution reduces processing costs, improves back-office efficiency, and enhances member satisfaction with self-service options.
• ✅ The member experience is improved with features like real-time payment confirmations, payment scheduling, and additional services like donations.

Q & A

What is Biller IQ?

Biller IQ is an electronic billing and payment solution offered by Tranzactus, a Mastercard company. It helps credit unions digitize their loan repayment processes, providing a streamlined and cost-effective digital experience for both credit unions and their members.

What are the benefits of using Biller IQ for credit unions?

Biller IQ helps credit unions reduce costs, optimize back-office operations, and improve member satisfaction by digitizing loan repayment processes. It provides a seamless digital experience, reduces the reliance on paper, and integrates various payment channels into one platform.

How does Biller IQ improve the member experience?

Biller IQ enhances the member experience by offering digital self-service options, allowing members to view statements, make payments, and set up recurring payments through various digital channels such as web, mobile, text, and phone, all while maintaining the credit union's branding.

What types of payments can members make through Biller IQ?

Members can make one-time or recurring payments using ACH, credit cards, debit cards, and even PayPal. Biller IQ also supports additional payment features such as future dating, post-dating, and add-on payments like principal payments or donations.

How does Biller IQ integrate with credit unions' systems?

Biller IQ can integrate with credit unions' systems through APIs, allowing credit unions to upload bill files and deliver statements in various formats. The platform also provides a fully hosted, branded web portal for members to access and manage their loan repayments.

What makes Biller IQ different from other payment solutions?

Biller IQ stands out due to its high configurability, allowing credit unions to tailor the platform to their specific needs. It offers a white-label solution, enabling credit unions to maintain their branding across all digital channels and integrate all payment channels into one seamless experience.

What features does Biller IQ offer for credit union back-office operations?

Biller IQ provides tools for back-office operations including reporting suites, remittance file downloads, and integration with the credit union's core banking system for automatic reconciliation of payments. This improves efficiency and reduces processing costs.

How does Biller IQ support different digital channels for payment?

Biller IQ supports multiple digital channels including web, mobile, text, and phone payments. It ensures a consistent, seamless experience across all these channels, with all transaction data captured in a single platform for easy processing and reconciliation.

What security features does Biller IQ offer for member authentication?

Biller IQ allows members to authenticate using a member ID, loan number, account number, and a security key. This ensures secure access to their loan information and payment options, enhancing both security and user experience.

Who are the primary clients of Biller IQ?

Biller IQ serves a range of financial institutions, including credit unions of all sizes and some of the top banks in the United States. It is part of their treasury services, helping these institutions modernize their electronic bill presentment and payment solutions.