Catalyst Corporate, in conjunction with Allied Payment Network and Malauzai Software, provides a mobile photo bill pay solution that enables credit union members to pay a bill by snapping a picture of it with their smartphone or tablet. Known as PicturePay®, the solution is available as a feature of Catalyst Corporate's complete Mobile Banking Service (turned on at the app level) or incorporated into Catalyst Corporate's Mobile Capture service.
Features & Benefits:
- PicturePay drives mobile adoption and bill pay adoption using a simple, yet advanced, technology that members already appreciate and trust – taking pictures with their mobile devices. Vendor studies show that half of all PicturePay users were not users of Internet bill pay services.
- PicturePay streamlines the payment process by identifying and automating payee set-up, removing the biggest barrier to bill pay adoption – the hassle of entering the payee and account information online.
- PicturePay users have the option to expedite payments for a small convenience fee, which eliminates more expensive late fees for members and generates additional fee revenue for the credit union.
- PicturePay is a valuable tool for attracting younger members, many of whom use their mobile devices as their computers.
- PicturePay is a true standalone mobile bill pay product, allowing new payees to enroll on their mobile device, helping to attract mobile banking users that do not use desktop Internet banking.
- Vendor studies show that PicturePay increases customer retention by 10 percent, taking bill pay retention rates from 88 percent to 98 percent.
- Images of paid bills are stored online for future access.