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
Internet Bill & Pay-supported distribution channels will include the
biller’s own web site, e-mail, home banking services and portal sites.
CyberCash’s PayNow Electronic Check Service will allow billers to accept
check and credit card payments directly from Web sites.
“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.