Global financial technology leader FIS® (NYSE: FIS) is today 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.
“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.”