Utility Billing

Optimise your utility bill payments by reducing costs, enhancing efficiency, and ensuring every payment is impactful through smooth open banking integration.

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Challenges

Setting up accounts and recurring payments can be time-consuming and frustrating for customers.
Utility companies often struggle to assess the financial stability of their customers, leading to issues with payment defaults.
Traditional payment methods often come with high fees and a risk of failed transactions.
Customers often feel they lack control over their billing.

Solutions

Open Banking simplifies this by enabling quick and secure account linking, making the process easier for customers and reducing onboarding time.
Access real-time transaction and balance data, allowing them to monitor customers’ financial health.
Reduces transaction costs by automating the payment process and minimising manual errors.
Open Banking enhances their experience by offering flexible payment options and real-time billing access.

Finexer's Products for Utility Billing

Balance Check

Automatically verify account balances before processing utility payments, ensuring that customers have sufficient funds to cover their bills. This reduces the risk of failed transactions.

Instant PayByBank

Instantly move funds directly between accounts with ease, eliminating the delays of traditional payment methods. This feature ensures quick and seamless transactions.

Transactions History

Access to detailed transaction history allows utility companies to track past payments, identify patterns in customer behavior, and quickly resolve disputes or discrepancies in billing.

VRPs (beta)

Set up recurring payments that adjust according to usage, ensuring customers only pay for what they use. Useful for utilities with variable billing cycles, like electricity or water.

Verification

Enhance your onboarding process with robust verification tools. This feature ensures secure and compliant identity checks, reducing fraud and building trust with your customers.

Benefits for Utility Billing

Enhanced Customer Experience

Customers gain more control over their payments, with options for real-time payments, flexible payment schedules, and instant withdrawals.

Reduce costs

By enabling direct bank-to-bank payments, Open Banking can significantly lower transaction fees compared to traditional payment methods.

Improved Financial Health Monitoring

Utility companies can access real-time financial data through Open Banking, allowing them to monitor customers' financial health and offer support.

Streamlined Payments

Facilitates faster, more efficient payment processing, reducing the time and effort needed to manage billing and collections in the utility sector, ensures timely payments, improving cash flow.

Easy Integration

Designed to integrate smoothly with existing utility billing systems, requiring minimal IT changes. This easy integration ensures a seamless transition and quick access to the benefits of Open Banking.

Secure and Compliant Transactions

Strong customer authentication and secure data sharing, ensuring that all transactions comply with regulatory requirements and protect customer information from fraud.

Compliance with PSD2 enhancing payment security 99% of UK bank’s coverage.

Rapid Deployment & Embaded solution.

Comprehensive white labelled solution.

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