Solutions by Text (SBT) – the brand behind FinText ™, an embedded messaging and payments platform for consumer finance businesses – announced the introduction of embedded payments within its FinText platform. To power the processing of the company’s new text-driven payments, SBT is collaborating with leading global FinTech, Nuvei Corporation.
According to the upcoming report, the “State of Bill Pay 2023/24” from SBT and Datos Insights, older and younger generations prefer text communication and increasingly expect mobile payment solutions. More than half of older generations and 70% or greater of younger generations prefer to engage about their bills over text message.
The launch of embedded payments by SBT streamlines the entire bill pay experience, from initiation to payment, within the text channel. Consumers will experience speed, ease and convenience through a streamlined and digitized transaction process in a channel they prefer. Consumer finance companies will further optimize their customer relationships, and billing and receivables management processes. Furthermore, this launch will:
- Enable payments though simple keywords like “Pay Now” for faster transactions;
- Improve automated payment management by reducing manual workloads and optimizing resources;
- Ensure data safety through secure tokenized PCI-compliant payments, fortifying the protection of sensitive customer data; and
- Achieve regulatory compliance by utilizing FinText’s pre-vetted, carrier approved, messaging template to ensure compliance with strict industry regulations.
“Today’s announcement represents a pivotal moment in SBT’s mission to revolutionize the bill pay experience and signals our platform will continue to be at the forefront of consumer bill payment trends, as evidenced by Datos’ market research,” said David Baxter, CEO of Solutions By Text. “We firmly believe that by embracing embedded payments over text, we are not only meeting but exceeding the evolving expectations of our customers and their consumers, delivering an experience that drives results for customers and sets us on a path to continued growth and success in this dynamic market.”
While data shows that consumers are increasingly demanding mobile payment solutions, industry reporting is also showing the importance of businesses adapting to shifting consumer preferences. Findings from BNY Mellon and Datos Insights shows 77% of survey respondents agree that real-time payments significantly enhance the customer experience, while 54% see them as ideal for urgent past-due payments, and 32% believe they simplify cash flow management.
Solutions by Text made today’s announcement in advance of its upcoming customer conference, FinText 2023 that will take place October 16-18 in Nashville, where the company will release new industry data on the state of bill pay. The event will focus on how businesses can accelerate revenue through the convergence of real time payments within rich messaging experiences, while preparing lenders for 2024 regulatory changes. To learn more about Solution by Text’s compliant solutions through the power of texting, please visit solutionsbytext.com.
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