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FIS and Oracle collaborate to enhance billing and payments capabilities for the utility industry, which includes electricity, gas, water and other essential services.
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FIS BillerIQ solution running on Oracle Cloud Infrastructure (OCI) will give utility customers the flexibility to manage their utility bills with features tailored for their financial needs.
Global financial technology leader FIS is announcing a collaboration with Oracle to bring enhanced billing and payment capabilities to Oracle’s utility customers. The FIS BillerIQ solution running on OCI will enable the roll out of electronic bill delivery and provide a seamless, end-to-end experience from meter consumption to payment. This collaboration aims to enable money to flow efficiently and securely while in motion, offering customers the flexibility and assurance they need in managing their utility bills. Oracle manages billions of utility customer bills annually.
Despite their high costs and inefficiencies, 75% of organizations still use paper checks for bill payments. With BillerIQ running on OCI, customers can gain an intuitive bill delivery and payment solution that makes accepting digital payments simple and secure. This comprehensive suite helps meet the diverse financial needs of utility customers across industries like electricity, gas, and water. Offering multiple payment options including ACH, credit, debit, Realtime Pay, and digital wallets, BillerIQ enables seamless payment experiences. This gives end consumers the flexibility to manage their utility bills with features tailored for their financial needs.
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“The utility sector has historically used traditional payment methods. However, with smart meters and digital payment technologies like mobile banking and e-wallets, consumers now expect to pay bills digitally. The inefficiencies and fraud risk of paper checks add to the challenges faced by the utility industry,” said Seamus Smith, group president of Global Automated Finance, FIS. “Collaborating with Oracle, we’re aiming to digitize the sector, offering greater customer convenience in bill payments while helping utility companies stay competitive. This aligns with our vision to unlock financial technology to the world and enable money to flow freely and efficiently while in motion.”
“Our goal is to simplify the payment process for utility customers,” said Mark Hura, executive vice president of North America Cloud Infrastructure at Oracle. “FIS, a global financial technology leader, chose Oracle Cloud Infrastructure for its superior price-performance, global reach, and non-blocking networks. With our extensive experience in the utilities sector, we understand the importance of reliability, security, and providing a seamless user experience.”
OCI provides price-performance advantages as well as security capabilities that are built in, on by default, at no extra charge. With OCI, enterprise applications like BillerIQ can easily migrate to the cloud and take advantage of ultra-low latency networks, flexible infrastructure, microsecond latency clusters, and complete instance isolation for higher security and performance. With Oracle’s distributed cloud, customers can deploy OCI’s 150+ AI and cloud services across public, dedicated, and hybrid cloud environments, anywhere in the world. In addition, Oracle Cloud is available in more locations than any other hyperscaler, with 85 cloud regions live and 77 planned.
BillerIQ delivers smart, intuitive billing and payment technology to make accepting digital payments simple and secure. It is a fully hosted secure and compliant SaaS Platform, which allows businesses to deliver bills and accept payments through a variety of digital channels on a simple configurable setup. BillerIQ helps businesses lower operational costs, improve efficiency, and enhance customer satisfaction through advanced configurability, ease of integration and advanced capabilities.
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