A real-time credit card bill payment gateway using voicepay technology may slash contact centre costs and remove button-pushing from the transaction.
The VePay software, developed by VeCommerce and SecurePay - which is aligned with 10 large financial institutions -- automates telephone-based, real-time credit card payments. It may be deployed in conjunction with another voice-enabled e-commerce application or as a stand-alone application within a contact centre.
Natural language speech recognition (NLSR) provider VeCommerce said the first commercial applications of the software should be operational within the next few months.
The company claims the payment gateway can reduce the cost of manually processing customer credit card payments in large contact centres by up to 85 per cent.
The technology enables cardholders to pay bills or make purchases in a secure environment through the technology of partner Nuance Communications' biometric 'voice print' security product. Nuance Verifier uses voiceprints to deliver secure telephone access without the use of passwords or personal identification numbers.
Paul Magee, VeCommerce managing director, said the growing demand for more accessible and reliable e-payment solutions and the pressure for lower ttransaction costs and staffing in high-volume, repetitive bill payment centres spurred the two companies to develop the voicepay technology.
Operating via a 1300 or a local access number, the gateway credits merchants with funds at the time of the transaction.