Metavante and Yodlee have entered into a reciprocal agreement that will add Yodlee’s proprietary credit and debit card payment functionality to Metavante electronic bill payment, and integrates Yodlee solutions with Metavante’s electronic bill payment processing capabilities.
Benefits of the agreement include enabling end users of Metavante online bill pay to make payments with their credit and debit cards.
At the same time, financial institutions offering Metavante bill pay will be able to turn what is most often provided as a free service into a revenue-generating opportunity. Financial institutions can now collect interchange fees on payments made through their online bill pay service when customers use a credit or debit card issued by the same financial institution.
Additionally, the customer can earn points toward a rewards program, if one is associated with their card.