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Expedited Bill Pay Expected to Generate $40M for Banks
Add expedited online bill payments to the list of fees banks may soom be charging.
In a new report, TowerGroup touts the proposed fee as a possible boon to banks.
TowerGroup predicts that by 2010 payments posted within 24 hours of coming due will generate $40.7 million in revenue for financial services institutions, offsetting approximately 4% of that year’s online bill pay costs.
TowerGroup defines an expedited payment as one that posts within 24 hours or same day, with the ultimate solution in real time.
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