The integration of FIS BillerIQ with Oracle Cloud Infrastructure (OCI) streamlines electronic bill delivery and payments. Credit: JPstock/Shutterstock.

Financial technology company FIS has partnered with software company Oracle to improve utility billing and payment processes.

The integration of FIS BillerIQ with Oracle Cloud Infrastructure (OCI) aims to streamline electronic bill delivery and payments.

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BillerIQ is designed to simplify and secure the acceptance of digital payments.

As a fully hosted SaaS platform, it enables businesses to issue bills and accept payments through multiple digital channels with a straightforward, configurable setup.

The BillerIQ solution on OCI offers a secure digital payment alternative to paper checks, which are still used by 75% of organisations.

It supports various payment methods, including ACH, credit, debit, Realtime Pay, and digital wallets, catering to the diverse financial needs of utility customers in sectors such as electricity, gas, and water.

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FIS Global Automated Finance group president Seamus Smith said: “Collaborating with Oracle, we’re aiming to digitise the sector, offering greater customer convenience in bill payments while helping utility companies stay competitive.

“This aligns with our vision to unlock financial technology to the world and enable money to flow freely and efficiently while in motion.”

OCI’s value proposition includes built-in security features at no additional cost, and the ability to support enterprise applications such as BillerIQ in their migration to the cloud.

Its infrastructure has ultra-low latency networks and complete instance isolation, enhancing security for cloud-based applications.

Oracle’s distributed cloud also allows customers to access more than 150 artificial intelligence (AI) and cloud services in various environments globally, with a reach of 85 live cloud regions and 77 more planned.

Oracle North America Cloud Infrastructure executive vice president Mark Hura said: “FIS, a global financial technology leader, chose Oracle Cloud Infrastructure for its superior price-performance, global reach, and non-blocking networks.

“With our extensive experience in the utilities sector, we understand the importance of reliability, security, and providing a seamless user experience.”

In 2023, Oracle expanded its Banking Cloud Services portfolio to help banks quickly launch comprehensive transaction banking offerings.