Online banking is about to get easier at Regions Bank (NYSE:RF).
On Tuesday, the regional banker, which does business in 16 states throughout the American South, Midwest, and Texas, announced it's inked a deal with online banking software Fiserv (NASDAQ:FISV) to revamp its online banking and bill-pay system to enhance the customer experience.
Fiserv is one of the giants of online banking software, having become so through a series of acquisitions back in the mid-2000s, when CheckFree bought Corillian, and then Fiserv in turn bought CheckFree (a sizable acquisition at the time, at $4.4 billion). The company will be bringing its expertise to Regions by implementing its CheckFree RXP electronic bill payment system, and pairing it with with Regions' Corillian Online banking service (also from Fiserv) and the bank's existing Popmoney person-to-person payment service.
Regions eBusiness head Christopher Cox described the move as helping to give Regions clients "easy and convenient money movement options, including effective bill pay services."
In a telephone interview, Regions spokesman Mel Campbell advised that Regions has not yet settled on a time frame for implementing the new system but will provide additional details as the plan firms up.
Regions shares are up 0.2% in response to today's news, with Fiserv shares scoring even more impressive gains of 1.71% in anticipation of a larger revenue stream flowing to it.
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