Financial technology company FIS has joined forces with Oracle to enhance billing and payment capabilities for the latter’s utility customers.
The partnership will see FIS’s BillerIQ solution running on Oracle Cloud Infrastructure (OCI), providing a streamlined, end-to-end billing and payment experience.
Besides, the new integration will enable electronic bill delivery and ensure a smooth process from meter consumption to payment.
As part of the collaboration, Oracle’s utility customers will benefit from a more efficient, secure, and flexible way to manage their payments.
Oracle North America cloud infrastructure executive vice president Mark Hura said: “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.”
In contrast to the ongoing reliance on paper checks for bill payments, with 75% of organisations still using them, BillerIQ aims to simplify and secure digital payments.
The solution offers multiple payment methods, including ACH, credit and debit cards, Realtime Pay, and digital wallets, providing consumers with more options for managing their utility bills.
OCI will provide the necessary infrastructure for the BillerIQ solution, ensuring that it runs with enhanced security and performance. OCI’s features, including ultra-low latency networks, flexible infrastructure, and microsecond latency clusters, enable seamless cloud migration.
The cloud is also said to offer enterprise applications, like BillerIQ, the ability to benefit from high security and operational efficiency without additional charges.
OCI’s distributed cloud infrastructure provides global reach, with 85 live cloud regions and 77 planned, ensuring that customers can deploy OCI’s suite of over 150 artificial intelligence (AI) and cloud services in a variety of environments.
Fully hosted, secure, and compliant software-as-a-service (SaaS) platform, BillerIQ allows businesses to deliver bills and accept payments through digital channels.
Its advanced configurability and ease of integration help businesses reduce operational costs, improve efficiency, and enhance customer satisfaction, said FIS.
FIS global automated finance group president Seamus Smith said: “Collaborating with Oracle, we’re aiming to digitise 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.”
