This partnership is capable of linking financial institutions’ online bill payment services directly to Western Union’s thousands of bill-pay users. These payment capabilities are featured in Yodlee’s new Yodlee BillPay PayItAll solution.
With this agreement, financial institutions and consumers will benefit from same-day and next-day online payments. Yodlee will distribute the Western Union capabilities as part of an integrated, end-to-end, online bill payment solution. Western Union will process and settle the payments.
Anil Arora, CEO of Yodlee, said: We see this as a tremendous opportunity to improve the online banking and bill-pay experience for consumers and small businesses, while at the same time, enable our financial institution customers to generate significant new revenue. The potential to expedite payments to thousands of billers satisfies a growing consumer and financial institution demand. Financial institutions and billers express the need for profitable payments models, and our arrangement with Western Union creates a win-win scenario for consumers and businesses.
