20 billion USD a year consumers pay in late payment fees. This Aussie product is looking at how to help a bank's customers manage your payment authorities to service providers such as phone providers.
This company looks at managing the Authorities, to set and forget your payment authorities. For example, I want to change the account numbers behind a phone bill, gas bill, electricity bill.
They cache electronic authorities and send it to the billers and its acted on overnight. From a bank's perspective you don't have to manage the relationships with billers. This makes the direct debit style payment model I am familiar with in the UK more of a possibility in the US.
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