Making Payments as Easy as Sending a Text

The human identity has always stood upon a versatile set of traits, but at the same time, none of those traits can claim to be more significant than the one which pushes to get better on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique, but even after achieving such a monumental feat, technology will somehow continue to produce the right goods. The same has grown increasingly evident over the recent past, and assuming one new fintech-themed development shakes out just like we envision, it will only make that trend bigger and better moving forward.

Solutions by Text (SBT), the brand behind a messaging and payments platform called FinText^TM, has officially announced the launch of a new embedded payments feature, which is designed to streamline the entire bill pay experience. Covering everything from initiation to payment within the text channel, the stated feature will deliver greater speed and convenience through a completely digitized transaction process, as well as through a channel which is the most suitable one for that particular user. But how will the development look on a slightly deeper level? We referred to its speed prospects; they are largely supported by simple and straightforward keywords like “Pay Now”, keywords that will initiate your transactions at just a click of a button. Next up, the solution will leverage secure tokenized PCI-compliant system to ensure all the sensitive user data remains protected to the highest degree. Talk about upholding the compliance standards, SBT’s latest brainchild empowers you to achieve that very objective by delivering at your disposal FinText’s pre-vetted, carrier approved, messaging template, which boasts the necessary setup to work alongside those strict industry regulations. Moving away from the regulatory angle and going back to its technological prowess, the embedded payments feature will further bet on automation to reduce manual workload, while simultaneously optimizing the resources in play.

“Today’s announcement represents a pivotal moment in SBT’s mission to revolutionize the bill pay experience and signals our platform will continue to be at the forefront of consumer bill payment trends, as evidenced by Datos’ market research,” said David Baxter, CEO of Solutions By Text. “We firmly believe that by embracing embedded payments over text, we are not only meeting but exceeding the evolving expectations of our customers and their consumers, delivering an experience that drives results for customers and sets us on a path to continued growth and success in this dynamic market.”

You can contextualize importance of such a development once you consider, according to SBT and Datos Insights’ “State of Bill Pay 2023/24” report, more than half of older generations and 70% or greater of younger generations prefer to engage about their bills over text message. Another finding, this one validating the need for an efficient payment mechanism, is provided by BNY Mellon and Datos Insights, a report where it was claimed that  77% of survey respondents agree that real-time payments significantly enhance the customer experience, while 54% see them as ideal for urgent past-due payments, and 32% believe they simplify cash flow management.

To give you a lowdown on SBT’s proverbial FinText^TM platform, it lets the user process payment without mandating them to open any other app or search for an access code. Boasting a three-step payment process, the stated platform does have its unique selling point rooted in accelerated transactions, but it also provides you with flexible options to customize payments, inform customers on upcoming automated debit due dates or pulls, deliver payment reminders through self-service options, and do a whole lot more.