Malauzai Software has launched a standalone mobile payment service, Picture Pay, to enable users to complete payments through the camera on their mobile device.
Developed in conjunction with Allied Payment Network, Picture Pay allows users to capture a picture of the bill statement, confirm the amount to be paid and submit the payment to the financial institution.
Biller information is confirmed with the help of optical character recognition (OCR) technology and built-in analytics.
The service comes with an option that allows users to push payments for a fee, creating a strong value proposition and a revenue opportunity for financial institutions.
Allied Payment Network president and CEO Ralph Marcuccilli said, "The ease of Picture Pay will encourage more people to take advantage of electronic payment services, creating greater customer loyalty for those institutions that offer it."
Malauzai chief product officer and co-founder Robb Gaynor added that Picture Pay takes seconds to send off a payment.
"This process also saves the financial institution nearly 40 percent of the cost of a traditional Internet banking bill payment," Gaynor said.
The new functionality is already in use with Texas-based First Financial Bankshares.
Incorporated in 2009, Malauzai focuses primarily on providing mobile solutions to community financial institutions.