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What is the enrollment process?
Those who are eligible for bill pay will have the option of selecting “Enroll in Bill Pay” under the ‘Pay & Transfer’ tab within It’s Me 247. Then the member will be given the option of selecting their preferred checking account which will be used as the default funding account. After a confirmation page, the member will be enrolled.
Will our credit union staff be able to enroll members?
Your staff would no longer be able to enroll members through CU*BASE GOLD. Although this will no longer be an option, members will be given the convenience of having immediate access to bill pay allowing them to start setting up payees and scheduling payments.
Is there any notification provided to members regarding their enrollment?
The member will not receive a notification.
How would we process a request to un-enroll a member from bill pay?
To un-enroll from bill pay, members will have the option of un-enrolling through online banking. For security reasons, your staff will also be able to complete a un-enrollment request through GOLD.
Will there be an option to enroll in e-Bills?
With certain payees, members will have the option of enrolling in this service. Once enrolled, It’s Me 247 will display the due date and payment amount in the appropriate areas.
Is there a way for a joint owner (under the same member number) to have a different username and password?
Because this solution is completely integrated within It’s Me 247, the joint owner would use the same username and password needed to login to online banking. They would not have a unique login for the joint owner.
If a member has a question regarding a payment, do they submit their payment request to the bill pay vendor or does it route to credit union?
The member will no longer have the option of submitting a payment inquiry. The member would contact the credit union to discuss questions regarding their account. If the credit union needs to submit a research request, this would be completed in the PASS admin tool.
If we make the switch to It’s Me 247 Bill Pay, with transaction processing completed by Payveris, would our members be required re-build all the billers they currently have built?
You will be given a few options when it comes to making the switch. If you wish to convert the members bill pay data, there would conversion costs associated with this decision. (Please contact Scott Collins for details.)
If you wish to avoid certain de-conversion fees, your member would need to consider the option of having members re-build their bill pay data.
Will payment by check always be a member check, or will there be corporate drafts/ach payments?
The payment will process as a member draft check or electronically depending on the relationship with the merchant. If you see an electronic payment being pulled from the account, this payment was processed electronically – not a corporate check.
What happens to the payment history if we have our members rebuild their payees?
If you do not pay the de-conversion fee to receive a member file, the members will have to rebuild their payees in bill pay. The payment history would not be converted over as it was previously displayed in bill pay. The member would need to use the transaction history in online banking to review previously paid items.
How will the conversion work for our members?
The SettleMINT EFT Team has designed different implementation strategies that your credit union will review. For more information, contact a SettleMINT EFT Account Executive for details.
How will the difference in the Payveris good funds method differ for the member from how Fiserv processes now?
With the good funds model, the payment will be validated at night by verifying that the member has enough funds to cover the payment. If the funds are not available, the payment will not process and the member will need to reschedule their payment. Fiserv would be considered a “risk” model because they would process the payment on the payment date without verifying the amount of funds in the funding account.
What is the difference between Bill Payment and Bill Presented?
EBILL: Payment (bill) information will display within your Bill Pay Dashboard. This information will provide you with the important items such as Payment Date, Amount Due, and Available Balance (if applicable).
NOT SCHEDULED FOR PHASE 1:
- BILL PRESENTMENT: A PDF version of your bill will appear without leaving It’s Me 247. The PDF bill will include a more in-depth version of your statement.
- EBILL RULES: User-defined rules on how to process payments related to eBill data.
(EX: ‘Pay the amount due 1 day prior to the due date.’)
Will history from the billers come over with the conversion files?
There are three options for conversions and depending on the option your credit union chooses; history will come over with your conversion.
Will members be allowed to add multiple payment accounts?
If the member has multiple checking accounts within their base account, they are automatically able to make payments from that sub-account. There will not be an option to add an outside institution as a payment account.
What payment methods will be used to send payments?
The payment will be processed either electronically or as a member draft check.
If processed as a member draft check, will the check number be displayed in the history?
Yes. This information will be displayed in the bill pay history screen.
When do the funds clear the account?
ELECTRONIC PAYMENTS – The money will be debited from the member’s account when the payment is processed (“send date”).
CHECK PAYMENTS – The money will be debited from the member’s account when the check is deposited by the payee and it clears.
Will members be allowed to schedule recurring payments?
Of course! Members will be able to schedule both recurring payments and one-time payments.
Will members be allowed to pay multiple bills at once?
Yes. Members will have the option of paying multiple bills at once.
What is the maximum dollar amount allowed for one payment?
The maximum dollar amounts will be configurable by the credit union.
Is there a monthly transaction limit?
Will members be allowed to view/modify pending payments?
They will be given the opportunity to modify payments that have not already processed.
What payment funding model will be used?
Good Funds Model.
What is the payment cut-off time?
5:00 PM ET on weekdays.
Is there an option to expedite a payment?
This service will not be available.
What if the payment date falls on a holiday or weekend?
The payment would process the following business day.
We don’t offer A2A through online banking. Will bill pay offer this solution to our members?
No. You can contact CU*Answers Client Services to learn more about our Account-to-Account solutions.
Is it possible for the member to set up a bill with the credit union listed as the payee?
Will members be given the option to send money to another person?
We are excited to announce that Person-to-Person (P2P) transfers can be configured for your credit union. This program allows members to send one-time transfers to other individuals electronically. This feature is optional.
How will members be notified on returned payments?
Members will receive a notification of the returned item.
If a member has a question about a payment, how do they get assistance?
The member should contact the credit union directly to discuss payment inquires.
If the member needs to place a stop payment on a processed item, what does our staff need to do?
Your staff would place the stop payment through CU*BASE GOLD for payments delivered by check. Please refer to your internal policies and procedures for placing a stop on a member draft check. If the payment is electronic, your staff will not be able to place a stop on the transaction. The member must cancel/edit the transaction prior to 5:00 PM EST on the day the payment is being sent.
For check payments, Fiserv has used the 5000 serial numbers. Is there a specific check number series that Payveris will use?
The check number will no longer be in the 5000’s series. Instead, Payveris will send checks in the 6000’s series.
How are overdrawn accounts handled?
If a payment is issued as a check and the funds are unavailable, you would follow your normal check bouncing policy.
Does the funding account still need to be a checking account?
Yes – the member must have a checking account product with the credit union to be eligible for bill pay.
If member has member privilege/courtesy pay available will the member be notified that they are accessing member privilege?
There will not be a notification that they are accessing their member privilege.
Will there be check images available?
The member can use the It’s Me 247 history to obtain a copy of the cleared check.
Can a member select which payees are included in the Quick Pay widget or is it ALL payees?
The quick pay widget will display all payees added to the members bill pay account.
How does a merchant get added to the electronic payee list?
The merchant would need to work with Payveris directly to discuss their options.
Does each Credit Union need to enter their own list of Popular Payees?
No. This section is not customizable. The popular payees are presented to your members based on volume of transactions to that specific vendor. The data base will refresh periodically to display current data.
Does each credit union have to develop their own?
The same terms and conditions are used for all CU*Answers clients. The text cannot be modified.
Can a member print their payee information?
The member does have the ability to print the payee details from It’s Me 247 Bill Pay. They would utilize the “Print” function within their web browser.
Person-to-Person (P2P) FAQ
How are the P2P payments sent?
The member can send money through the form of a text message or an email communication. When the recipient receives the message, they will be sent to a secure web page that allows them to key in their account information.
If someone doesn’t have a checking account, and I send them a P2P, where does the money go?
The recipient will provide their routing number and account number at the time that they accept the money from the secure website. The financial institution must be located within the United States.
With using the P2P transactions services does the credit union have to be an ACH originator?
Payveris is the ACH Originator.
Can a P2P person be deleted?
At this time, once a P2P person has been added, you cannot delete them.
Bill Pay Administration FAQ
Will members still be able to access their bill pay account through a mobile device?
Not only will members be able to access their bill pay – they would also be able to add payees through this channel. Not offered by other vendors.
What reporting functionality is available?
There are reports available within PASS (admin tool).
How are disputes handled?
The credit union has the option of submitting a payment request on behalf of the member. Payveris will conduct the research and report the findings to CU*Answers.
If a staff member has questions about a payment, how do they get assistance?
The employee should contact CU*Answers for assistance.
Does the credit union have access to the admin portal?
Yes. The system is referred to as PASS.
Does the new program offer a Fraud Monitoring Tool?
This service is not available at this time.
Is there a notification provided to members regarding their ebill?
There will not be a notification. However, the member will have eBill information populated in the QUICK PAY widget.
How long will bill pay history be available for members in online banking?
Members will have access to up to 6 months within It’s Me 247. 18 months of history will be available through the admin tool.
How long will bill pay history be available for credit union staff?
18 months of history will be available through PASS. 7 years of history is archived by the vendor.
Will members be given download authorization specifically for bill pay history?
Does Payveris charge any NSF fees to the credit union?
The vendor will not charge the credit union.
What happens if there are not enough funds in the account?
ELECTRONIC PAYMENTS – If there are not sufficient funds in the member’s account at the time of processing (“send date”), the payment is canceled and the member is notified. If the member wants the payment to be made, they will need to set the payment up again.
CHECK PAYMENTS – If there are not sufficient funds, the check is subjected to bounce depending on the member’s overdraft privileges and credit union policy.
Questions Submitted by Credit Unions
The answer to “How long bill pay history is available through PASS states – 7 years of history archived by the vendor. Who is the vendor? Payveris?”
Members would be given access to 18 months’ worth of Payveris transaction history. However, Fiserv will only provide a maximum of 6-mos. for an electronic deconversion. A manual deconversion process does not include any previous Fiserv history. As payments continue to process over time, the vendor that processes the transactions (Payveris) will hold the data on their system for up to 7 years.
The answer to “Does Payveris charge any NSF fees to the credit union? There is an answer that states the vendor will not charge the credit union. Who is the vendor? Payveris? Does CU*Answer charge?”
Payveris will use the “Good Funds Model” which means that electronic payments will not process unless the funds are available in the funding account that evening. If the funds are available for a check payment, the vendor that processes the transactions (Payveris) will issue a check. If the funds are not available at the time that the check attempts to clear, that vendor (Payveris) will not receive notification that the member draft check didn’t clear. Because they do not receive communication, the vendor would not charge your credit union an NSF fee. CU*Answers will not charge your credit union for NSF items.
The fee is charged by each CU as based upon your NSF policies and fee amounts.
The answer to “Who is Payveris? How long have they been in business? How large is their staff? What is Payveris’s market reach?”
Please refer to the “Due Diligence Package.” This documentation can be provided by the SettleMINT EFT Team. For more information, contact a SettleMINT EFT Account Executive for details.
The answer to “How does the credit union ensure that our members’ online experience will not be compromised with the partnership with Payveris? This is the MOST important part of our upcoming decision on which provider to go with.”
We understand that member security is always top priority. As far as security is concerned, we are eliminating the need to push your member to an external source. We are keeping the member logged into It’s Me 247. You can refer to our It’s Me 247 security parameters. You can also find a section within the Due Diligence Package that talks about “Information Security Policy.”
The answer to “If a member currently received their bills electronically, am I correct that the service will not be available immediately?”
The eBill service will be available in phase 1. However – It’s Me 247 Bill Pay (Payveris) defines an eBill as displaying the members payment information in bill pay. This does not necessarily mean that the PDF is presented to the member. The bill presentment will be available in upcoming phases.
The answer to “Can auto transfers between CU member accounts be scheduled to reoccur or is that still in the home banking section?”
The account-to-account service will not be available through bill pay. The member is encouraged to complete the transfer through It’s Me 247 or to send a “payment” to the external account through bill pay.