LowerMyBills Selects Yodlee BillDirect to Power New Online Bill Pay Offering.REDWOOD CITY Redwood City, city (1990 pop. 66,072), seat of San Mateo co., W Calif., on San Francisco Bay; inc. 1868. Manufactures include commmunications, electrical, electronic, and medical equipment. , Calif. -- Consolidated View of Bills and Ability to Pay Directly at Biller Site Takes Web Site To The Next Level in Terms of Value Proposition for the Consumer Yodlee, Inc. today announced that LowerMyBills.com has selected Yodlee's BillDirect to power BillPay Plus, a free Electronic Bill Presentment and Payment See EBPP. (EBPP (Electronic Bill Presentment and Payment) Sending invoices to customers over the Internet. When payment is due, an e-mail is sent with a link to a Web page that contains the billing information and the payment services that are supported. ) service that provides consolidated online bill payment for consumers. BillDirect, which also powers AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. Bill Pay, is the only EBPP solution that leverages the convenience of the biller direct model for bill payment with the utility of consolidated bill presentment See EBPP. plus value-added alerts, charting and management tools for a comprehensive, easy-to-use bill pay and financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against tool. LowerMyBills.com is a free online service for consumers to compare the lowest rates on monthly bills, including credit card interest rates, mortgage rates and auto loans for over 300 service providers. The addition of online bill pay substantially expands the value proposition for consumers as more and more people are leveraging the convenience of the Internet to view, manage, and pay bills. "What it boils down to is that consumers want an easy, comprehensive personal billing system to research the lowest possible rates coupled with a fast, safe method for payment," said Matt Coffin Matt Coffin is a Los Angeles-based internet entrepreneur and investor. He was the President and Founder of LowerMyBills.com, which was sold to Experian in 2005 for $330 million.[1] In addition to LowerMyBills. , Founder and Chief Executive Officer of LowerMyBills.com. "Yodlee's unique technology has allowed us to create unparalleled utility for our customers by providing significantly greater presentment features and zero lag time on payments. As one of the first providers of the free BillDirect model for consumers, we now have a significant edge in our market." Online bill payment has become one of the fastest growing applications on the Internet. In fact, according to a January 2004 Gartner Group report, by 2007, 65 million U.S. adults will view their bills online. Today, most consumers view and pay their bills directly at their billers' Web sites. The reason for this trend is the user-friendly functionality of the biller Web sites, including same day payment, acceptance of credit cards and other alternative payment options, immediate confirmation of payment, bill presentment, and free payment. What becomes cumbersome to users, however, is the need to visit ten or more websites each month and an inability to centrally manage and track their bills in one place. BillDirect is the first solution to enable users to easily view, manage, and consolidate all their online bills from one Web site while providing deep links to the biller sites for payment. "We believe the BillDirect model will play a significant role in the acceleration and adoption of online bill presentment and payment See EBPP. , and we're thrilled to add LowerMyBills.com to our list of customers leveraging this technology," said Anil Arora, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Yodlee. "From the leading portals to global retail banks and brokerages, the financial services community is looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. a more affordable way to offer a rich EBPP solution for consumers, and at the same time accelerate the adoption of online banking and payments." BillDirect leverages Yodlee's core iFinity aggregation platform -- which has the unique ability to pull individual account data from over 8,000 sources, including billers, brokerages, banks, credit card issuers, insurance providers, lenders, travel agents, email providers, and more. This enables Yodlee to present and pay bills for more than 2,700 billers and offer value-added capabilities like historical charting and transaction-level alerts to help users proactively manage how they're accruing expenses at their billers throughout the month. Benefits of BillDirect for Financial Service Providers: --Superior Consumer Product Offering -- BillDirect give consumers more convenience, flexibility and choice, as well as industry leading bill presentment (more than 2,700 bills presented) and unparalleled account management capabilities --Cost Savings -- BillDirect leverages the efficiencies of the Biller Direct model to offer institutions a significant cost advantage -- almost 4:1 versus alternative solutions -- for a more robust EBPP offering --New Revenue Opportunities -- BillDirect can drive new revenue opportunities for financial service providers through interchange fees for credit and debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. payments Benefits of BillDirect for Consumers: Only BillDirect offers consumers the benefits of both the Bill Direct site functionality and convenience of bill consolidation and management. End user benefits include: --Same day payments for improved cash management and avoidance of late payments --Ability to maximize card loyalty plans --Convenience of payment consolidation --Bill presentment and account management, including automatic charting, expense reporting, and personalized alert capabilities, all with no manual input required About LowerMyBills.com LowerMyBills.com (http://www.lowermybills.com) is the premier, free online service for consumers to compare the lowest rates on monthly bills and reduce the cost of living. LowerMyBills.com is the one-stop destination that offers savings through relationships with more than 300 service providers across 17 categories, including home loans, credit cards, long distance, auto and health insurance, and wireless services. To date, LowerMyBills.com has helped more than 500,000 consumers save over $172 million. The Santa Monica, Calif.-based company has been featured in The Wall Street Journal, USA Today and on CNN CNN or Cable News Network Subsidiary company of Turner Broadcasting Systems. It was created by Ted Turner in 1980 to present 24-hour live news broadcasts, using satellites to transmit reports from news bureaus around the world. and talk shows such as Dr. Phil. About Yodlee Yodlee is the trusted leader in enabling financial service providers (FSPs) to develop and deliver superior financial products and services, increasing customer profitability. Yodlee's unique aggregation technology powers and enhances a multitude of online financial offerings, including Personal Finance applications (OnCenter Suite), EBPP solutions (BillDirect), Wealth Management applications (AdvisorView), and Risk Management applications (Instant Account Verification). Yodlee operates in the U.S., U.K., Australia, and Japan, and has amassed more than five million users, over $180 billion aggregated across its network, and more than 150 clients, including the world's top financial institutions and portals: AOL, Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , Citibank, CUNA Cuna Chibchan-speaking Indian people who once occupied the central region of what is now Panama and the neighbouring San Blas Islands and who still survive in marginal areas. In the 16th century they lived in federated villages under chiefs who wielded considerable power. , Fidelity, Wachovia, J.P. Morgan Chase, Merrill Lynch, MSN (1) (MicroSoft Network) A family of Internet-based services from Microsoft, which includes a search engine, e-mail (Hotmail), instant messaging (Windows Live Messaging) and a general-purpose portal with news, information and shopping (MSN Directory). and Yahoo! Yodlee is headquartered in Redwood City, California Redwood City is a suburb located on the San Francisco Peninsula in the San Francisco Bay Area of California. Redwood City is the county seat of San Mateo County. As of the 2005 census, the city had a total population of 76,000. and can be reached at www.yodlee.com. |
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