AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

doxo to Bring Overdraft Protection to Bill Pay through Plaid

May 8, 2019

SEATTLE--(BUSINESS WIRE)--May 8, 2019--doxo, the all-in-one web and mobile bill pay service, today announced it will bring users even greater bill pay transparency and reduce costly overdraft fees by allowing them to see their bank account balance in real time as they pay bills through an integration with Plaid. With doxo, consumers already have the ability to pay more than 50,000 billers, with a single login, on any device, using their credit or debit card, bank account, or Apple Pay. One in four households overdraft their bank account at least once a year, totalling over $34 billion in bank charges to consumers annually. By adding real-time bank balance visibility to each bill payment transaction, doxo expands its simple, secure all-in-one bill pay capabilities – and helps users avoid the expense and consequences of accidental bank overdrafts.

“doxo’s mission is to massively simplify bill payment and reduce anxiety of failed payments and overdraft fees. Through this new integration with Plaid, we’re now providing real-time bank balance, at the time of every payment, to help our users avoid those fees. Now users can better time their payments to align with their bank balance, or switch to alternative payment accounts like credit cards when needed,” said Steve Shivers, doxo CEO and cofounder. “And this new capability benefits our users and billers on our network alike. Billers also suffer increased care, expense, and customer frustration when bank overdrafts occur. With this new capability and innovation, doxo continues to align benefits, and reduce headaches, for both our users and our participating billers.”

Beyond reducing stress for consumers, these added capabilities improve the confidence billers have for each payment they receive from their customers. While billers may struggle individually to keep pace with these sorts of new capabilities and innovations, they come automatically on doxo’s national bill pay network. Simply by joining doxo’s national payment network, billers can now add this overdraft protection feature as a benefit for their users, without having to manage the complexity, integrations or expense themselves.

“Account overdraft is a huge problem in the US that could be solved in part with more tools that provide real-time insight into consumers’ own bank accounts,” said Paul Williamson, Plaid’s Head of Sales. “Solutions that give people transparency into their financial life are a real win for consumers and can make a serious impact on their ability to understand and manage their money.”

Unlike traditional one-at-a-time bill payment options, millions of doxo users organize and stay on top of all their bills in one place with a single login. Users never have to link away to different sites or manage various credentials and accounts for each of their billers. And by paying with doxo, every payment benefits from doxo’s Private Payment Account ProtectionTM which facilitates secure payments without requiring the user to disclose their personal account information to each individual biller.

doxo is demoing this new real-time, verified bank balance feature today at Finovate 2019 in San Francisco, and is launching it for a limited beta user group. Availability will be expanded to all doxo users starting in June.

About doxo

doxo is a simple, secure all-in-one bill pay service that facilitates secure payment to any biller, with any payment method, on any device. doxo currently serves over 3 million users who make payments to over 50,000 local and national businesses, making doxo the largest bill pay directory in the nation. Billers on the network get paid directly, fast and free–and consumers have complete bill pay independence over when and how they pay their bills. doxo more than doubled its customer base in 2018 and is expanding its team to further accelerate growth and change the bill pay landscape to focus on the customer. doxo investors include MDV, Sigma Partners, and Bezos Expeditions. doxo is based in Seattle, WA.

For more information about doxo, visit www.doxo.com.

About Plaid

Plaid is a data network powering the fintech tools that millions of consumers have come to rely on to live healthier financial lives. Thousands of digital financial services like Acorns, Betterment, Coinbase and Venmo, use Plaid to make it easy for their customers to connect to their bank and investment accounts, regardless of where they bank. The company is headquartered in San Francisco, CA.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190508005166/en/

Erin Fisher viapress@doxo.com

KEYWORD: UNITED STATES NORTH AMERICA WASHINGTON

INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE

SOURCE: doxo

Copyright Business Wire 2019.

PUB: 05/08/2019 08:00 AM/DISC: 05/08/2019 08:01 AM

http://www.businesswire.com/news/home/20190508005166/en