EarnUp Expands Financial Wellness Platform, Empowering Lenders & Servicers to Accommodate Text to Pay Capabilities
2024年5月9日 - 10:30PM
ビジネスワイヤ(英語)
EarnUp, Inc., a financial wellness fintech company, announced
today that lenders and servicers will be able to use its platform
to offer borrowers a convenient mortgage payment option: Text to
pay via debit card.
This enhancement will mark a significant advancement of EarnUp’s
award-winning platform, providing borrowers with greater
flexibility and convenience in managing their mortgage obligations
while also empowering mortgage companies to accommodate modern
borrower payment preferences.
According to data from mobile trade body GSMA, it is estimated
by 2025 72.6% of users will access the internet exclusively by
smartphone, driving home the need for mobile first mortgage payment
solutions.
Key features of EarnUp's expanded platform will include:
- Text to Pay: Boasting 98% open rates and 45% response
rates, with text to pay, lenders can offer one-click payment ease,
with the option to set up recurring debits.
- Enhanced borrower engagement: EarnUp's white-label
solution will allow for tailored, automated SMS communications
based on specific triggers, digital payment campaigns, and
proactive loss mitigation efforts.
- Multiple payment options: Borrowers will be able to use
their debit card to make mortgage payments conveniently through
their Apple Wallet or Google Wallet, SMS text to pay, email click
to pay, borrower portals, or call centers.
- Significant cost savings: Lenders can reduce non-digital
payment costs by up to 50% and lower call center volume by
approximately 20%, all while maintaining a high success rate for
debit transactions.
EarnUp's straightforward integration process will enable lenders
to seamlessly incorporate these capabilities under their own brand,
enriching borrower experiences, and fostering greater
retention.
"Our mission at EarnUp is to empower borrowers with modern,
efficient financial tools," said Brian Gunn, CRO of EarnUp. "By
enabling text to pay using a debit card, we're offering lenders a
seamless, no-customer-code solution that enhances borrower
engagement, accommodates their method of payment, and reduces the
costs associated with non-digital payments."
Daniel Sogorka, industry veteran and servicing operations
expert, points to the increasing demand for greater payment
options, including text to pay with debit cards. “A growing number
of borrowers want the reminders via SMS, with a text to pay option
with their debit card,” he said. “Additionally, studies show that
Net Promoter Scores increase when servicers accommodate all payment
options. It is therefore critical that mortgage companies and
servicers add the ability to accommodate all payment options
including SMS text to pay, email, or their borrower portal or call
center.”
Meanwhile, check fraud has more than doubled over the last three
years, according to FinCEN. To protect borrowers, providing the
option to pay by debit card via text can help lessen potential
fraud.
EarnUp currently facilitates automated payments to over 200
mortgage servicers and depository institutions, reinforcing its
position as a trusted partner in the financial wellness ecosystem.
The company’s comprehensive platform goes beyond traditional bill
pay services, offering advanced automation and support to
streamline borrower payments. With a proven track record of
automating payments for four of the Top 10 Servicers and
maintaining a 99.7%+ debit success rate, EarnUp is at the forefront
of digitizing mortgage payments.
Gunn continued, "We are committed to providing best-in-class
technology solutions that drive operational efficiency and promote
financial wellness. Our expanded platform underscores this
commitment by simplifying mortgage payments and improving outcomes
for both borrowers and servicers."
About EarnUp
EarnUp is an award-winning, consumer-first financial technology
platform that intelligently automates the acceleration of savings
and the scheduling of loan payments. The EarnUp platform serves
consumers across the U.S. and manages >$10 billion in loan
payments. EarnUp’s deep data insights help financial organizations
with risk mitigation and cost reduction, and help employers provide
actionable financial stability benefits. EarnUp has received broad
recognition, with inclusion on Forbes Fintech 50, Deloitte’s
Technology Fast 500, The Financial Technology Report’s Power 300,
and HousingWire’s Tech 100, and awarded PROGRESS in Lending’s
Innovation Award. To learn more about EarnUp, please visit
https://earnup.com.
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Mary York For EarnUp 706-280-9267
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