Oracle Bundles CyberCash Services, Partners With CheckFree
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Separately, Oracle also announced a partnership with CheckFree Corp. for electronic bill presentation and payment.
By using CyberCash's PayNow Electronic Check Service, connectivity will be provided to wholesale banks for the use of electronic check transactions for billers using Oracle's Internet Bill & Pay product.
Oracle's Internet Bill & Pay enables billers to provide customers with safe billing and payment information so that they can view and pay bills online. Billers and their commercial banks can also distribute bills through multiple electronic channels while controlling payment processing.
"CyberCash provides a new point of collection for wholesale banks serving billers," said Richard Crone, CyberCash vice president and general manager.
"Oracle's integration of CyberCash's payment services into its Internet Bill & Pay solution will offer a powerful new tool for wholesale banks to provide both credit and electronic check services to billers on the Internet. It will also allow billers to capture customer payment information directly through the Internet Bill & Pay technology giving them complete flexibility to distribute bills through multiple electronic channels," Crone said.
"Internet Bill & Pay will allow billers to enroll and register customers for bill presentment and payment services," said Andy Felong, vice president of the Internet applications division at Oracle. "Using CyberCash, billers and their wholesale bank will be able to control payment processing regardless of the distribution channel selected for viewing bills."
Oracle is also partnering with CheckFree to include CheckFree E-Bill, CheckFree's electronic bill presentation and payment solution, into Oracle Internet Bill & Pay. The new product will allow financial services firms and billers to increase their cash flow, better serve customers and substantially trim printing and mailing costs.
Oracle and CheckFree will also jointly promote the Open Financial Exchange standard for Internet bill payment and plan to develop a variety of new solutions around OFX.
Matt Lewis, CheckFree's senior vice president of electronic commerce product management and marketing, said the partnership will give billers access to an integrated solution and access to Oracle's Internet bill solutions and CheckFree's bill distribution and payment services.
"Internet bill presentation and payment applications frequently run into terabytes of data. Billers will be embracing Oracle's industrial-strength solution to enable Internet bill presentation and payment due to its proven scalability and the fact it is an open software platform designed to work across a variety of processing environments," he said.