Corillian Payments Warehouse

Free bill payment, and associated rapid consumer adoption, is forcing many financial institutions to find ways to lower ongoing payments processing costs. Corillian Payments helps financial institutions achieve a significantly lower ongoing total cost of ownership and a positive return on investment in as little as nine months, while simultaneously enabling financial institutions to capitalize on revenue generating opportunities.

Corillian Payments delivers industry-leading control over all aspects of payments data, payments routing and user experience. Leading financial institutions leverage control over payments data and user experience to differentiate from the competition, perform targeted marketing, and effectively cross-sell. Cost savings are achieved through On-Us and least cost routing of payments. Flexible deployment options allow Corillian Payments to interface with any internally developed or third party online banking system or it can be delivered as part of a completely integrated Corillian solution.

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Corillian Payments enables leading financial institutions to innovate and differentiate while controlling costs and ensuring systems will scale and perform for rapidly growing user populations. Corillian offers a broad range of innovative payment solutions that provide comprehensive money movement capabilities that can be leveraged across multiple channels (e.g., Internet, IVR, ATM) and lines of business (e.g., Consumer, Small Business, Wealth Management, and Credit Card).

Whether seeking to minimize costs in a time of free bill payment and rapid adoption, differentiate from the competition, provide a more compelling line of business offering, or drive revenue growth while containing costs, Corillian Payments delivers the control necessary to succeed. Corillian Payments has been successfully implemented in some of the largest financial institutions in the United States with production proven scalability and performance.

Corillian lowers the total cost of ownership for online banking by delivering the best-in-class Internet banking solutions on Corillian Voyager, which is the platform common to all Corillian line of business applications.

Flexible Least Cost Routing
As free bill payment becomes ubiquitous and bill payment adoption continues its rapid growth, financial institutions are finding ongoing payments processing costs rising up the list of growing expenses. Corillian Least Cost Routing capabilities allow financial institutions to take a staged approach to lowering processing costs. Corillian offers solutions for financial institutions at all stages of least cost routing and can deliver a solution tailored to specific needs.

Targeted Marketing & Sales Fulfillment
Access to payments data provides financial institutions with a wealth of information that can be used to target customers with complementary products. For instance, financial institutions could offer a line of credit to a customer whose monthly credit card bills routinely exceeded their available deposit balance. The ability to identify these opportunities and act on them in real-time is critical to winning new business and is not possible in processor-hosted solutions. Corillian Payments provides the opportunity for data mining and targeted marketing based on standard and configurable indicators and rules. Corillian Payments gives financial institutions the control and interoperability to transform the online channel into a powerful new sales channel.

Advanced Payee Management
The ability to make accurate electronic payments whether through a processor, on-us, or via a payments network, is critical to reducing overall payments costs and exceptions. In order to maximize the number of electronic payments, Corillian Payments employs matching algorithms that validate payee information entered by a customer against payee provided information. Exceptions are trapped up front and corrective action may be taken, preventing costly downstream customer service issues. Corillian Payments customers that utilize Princeton eCom for processing benefit from additional payee matching provided by Princeton Real-Time Digital Scanline.

Bill Payment and Presentment
Corillian Payments provides the capabilities to attract the next generation of online bill payers by enabling financial institutions to present both thin and thick bills. Bill presentment and payments capability is fully integrated, providing features such as auto-pay, and associated rules, so customers can automatically pay bills that fall within a specified threshold. When new bills are available, customers are automatically notified. This presents an opportunity for progressive financial institutions to market their products and services to drive revenue growth.

Account-to-Account Funds Transfer
Corillian Payments gives financial institutions the opportunity to take a leadership position by enabling account-to-account transfers that allow customers to quickly and easily move funds into the financial institution to increase deposit balances, while allowing financial institutions to capture fee income for outbound transfers.

Paramount to account-to-account money movement is the ability to authenticate account ownership. Corillian Payments offers multiple choices to validate account ownership at other financial institutions including trial deposits and real-time aggregation based authentication. Financial institutions also have the option to own or outsource as much or as little of the processing and risk management services as they choose.

Real-time Alerts
Corillian Payments provides a host of value-added, payments related alerts. Corillian Payments minimizes the customer impact of potential payment exceptions by generating alerts that are available to both customers and customer service representatives, so issues can be worked with or without customer intervention. Automated services, such as NSF retries, ensure customer payments get delivered even if customers fail to take corrective action.

Corillian Payments delivers advanced alerting capability to allow customers to better manage their finances. For instance, customers are alerted upon new bills being available and can establish automatic payments when the bill amount is under a specified amount. Business and wealth management clients can receive alerts related to payments generated by employees and advisors requiring their approval, giving them the power to delegate while retaining the right level of control they need to be successful.

Integrated Customer Care
Corillian Payments enables world-class customer service by providing customer service representatives with instant real-time access to the same payments data and experience as seen by customers along with additional processor specific payments status and details where applicable.

Customer service representatives can take action on a customer’s behalf to resolve issues or even co-browse with a customer to build customer confidence and ensure greater self service in the future. Options such as live chat and secure messaging allow customers to communicate with financial institutions in ways they are most comfortable. Corillian Payments customer care capabilities can also be seamlessly integrated with leading CRM packages to maximize customer service representative efficiency.

PFM Integration
PFM users are often highly profitable, so optimizing their user experience is essential. With Corillian Payments, PFM users benefit from fully synchronized OFX, so regardless of where they choose to manage their payments information it is available both online and within their PFM with no need to re-key information.

ACH & Wire
ACH and wire transfers are essential for business customers seeking to maximize funds availability and automate accounts payable, receivable, and payroll. Corillian Payments provides time saving features for businesses performing ACH and Wire transfers, including support for receivers and templates, which eliminates re-entry for commonly paid suppliers and employees and reduces the potential for errors. Tax payments include template-based, simplified user interfaces that allow even small businesses to remit tax payments quickly and easily.

Controlled Authorization Services
Controlled authorization capabilities are essential for business customers and wealth management clients that need to delegate a portion of their money movement activities to others. Corillian Payments offers granular control of employee and advisor access that may be tailored to the specific needs of different segments. Customers are able to set up user accounts for employees or trusted advisors and then delegate rights to them. Access is controlled at multiple levels enabling quick set-up or detailed control depending on specific needs.

With controlled authorization, customers can delegate activities while ensuring unauthorized transactions are not allowed. A full audit trail of all activities ensures customers can quickly review activities performed by their employees or trusted advisors, giving them the control and visibility they need to effectively manage their finances.

On-Us
Corillian Payments provides on-us payments capability to enable financial institutions to process payments for their mortgages, credit cards, auto loans, and other financial products directly with no need to send through a payments processor. Funds are available sooner and costs are reduced as payments are processed through a real-time transfer rather than being routed through a payments processor or network. Remittance files may be generated in multiple formats to meet the needs of various business units, resulting in lower handling costs and reconciliation issues.