BIM CEO Adam Frisch was grateful to be an invited guest on the “ACH: A Risk or An Opportunity?” panel at the Barclays Emerging Payments Form on May 2, 2017. The well-received session highlighted the great buzz around ACH!
BIM CEO Adam Frisch will lead a discussion on “Big Players, Big Impact: Merchants Driving ACH Payments Innovation” at the NACHA Payments 2016 Annual Conference in Phoenix, Arizona on Tuesday, April 19, 2016 at 11:25am.
ACH is now a real payment option at the POS - wherever that may be. And that is an underappreciated but important development in the evolution of the payments industry. By leveraging the inherent economic benefits of ACH, merchants are able to self-fund their customer loyalty and incentive programs, while simultaneously creating mass customization of a better buying experience. By driving their customers to their app and website and offering a branded debit tender at checkout, merchants are significantly mitigating the potential brand and data disintermediation that can result from mobile and eComm transactions. Buy It Mobility Networks Inc.’s (BIM) ACH payment tender is evolving right along with this industry to help enable consumers to quickly and securely connect their checking accounts to apps and make payments at the cash register, table or pump, encompassing the big-box, convenience, pharmacy, fuel, grocery, quick-and full-service dining, specialty-retail and transit categories whether it is with individual merchants or part of MCX’s CurrentC offering. This session will show how BIM is working to improve the consumer buying experience with additional secure payment options, and streamlined account provisioning, enrollment authentication and account verification processes, and learn how merchants are benefitting from guaranteed transactions with fast and regular settlement timeframes. ACH is at the POS, and BIM is powering that movement.
NACHA Payments 2016 is one of this year’s most prestigious conferences with thousands of industry leaders in attendance. To learn more about this session and others, visit the Payments 2016 website.
Digital Transactions summarized some of BIM’s key points of differentiation in an April 1, 2016 article by Jim Daly called “What’s In Your Mobile Wallet? It Might be the ACH”.
In the context of discussing the top companies focused on ACH, BIM was described as follows:
“Founded in 2009 but not pursuing its present course in mobile payments until 2013, [BIM] offers merchants a white-label mobile wallet with ACH funding playing a prominent role.
BIM Networks differentiates itself by offering guaranteed next-business-day settlement—assuming the payment comes through by 3:30 p.m. Eastern time—and condensing customer enrollment down to a less than a minute.
“We can get enrollment done in about 40 seconds,” says chief executive Adam Frisch, adding that competing wallets typically need at least a day, often two or three, to complete testing and risk assessments.
BIM Networks transactions average 1.5 to 1.8 seconds, Frisch says. The company supports such technologies as QR codes, near-field communication, and beacons.
“We’re agnostic,” Frisch says. “We make it really easy for our merchants. We accommodate whatever technology the merchant has today.”
BIM Networks, which claimed 3 million consumers on its platform as of last October through an undisclosed number of merchant partners, got an endorsement that same month from Merchant Customer Exchange LLC (MCX), the retailer-controlled consortium developing the CurrentC mobile wallet. MCX said it would use BIM’s platform to provide an ACH option for its retailers’ customers.”
The full article can be found here: What’s in Your Mobile Wallet? It Might Be the ACH
BIM CEO Adam Frisch spoke at the Barclays Emerging Payment Forum in New York, NY on March 15, 2016, alongside other top executives from across the payments industry.
Adam outlined BIM’s comprehensive value proposition to all key stakeholders in the payments ecosystem – merchants, consumers and banks – highlighting how BIM is uniquely bringing ACH to the point of sale, wherever it may be – in store, online, or on the phone.
After weeks of deliberation, and the most exhaustive vetting process in the industry – the judges have spoken! BIM has been selected among the 5 finalists for not one – but two – awards at the PYMNTS Innovation Project 2016, chosen out of over 600 nominations: The NACHA Best in Innovation in ACH Category, and The Most Disruptive Company. We are excited and honored for these recognitions!
BIM CEO Adam Frisch spoke at Money 20/20 in Las Vegas, Nevada, and unveiled new functionality that increases consumer adoption of retailer-branded mobile payments and significantly reduces friction in the customer enrollment process for ACH mobile payments.
Adam, with additional commentary from MCX CEO Brian Mooney, described how innovation in the mobile wallet space to date has yet to substantially disrupt consumer behavior and that a significant percentage of consumers still use cash and debit cards for in store transactions. BIM delivers a mobile/web ACH platform to consumers and merchants that transforms the debit experience, and is an integrated part of the CurrentC mobile wallet that includes loyalty, rewards, and coupons.
Using BIM’s technology, consumers will be able to quickly and securely connect their checking accounts to the CurrentC™ mobile wallet app and make payments at the cash register, table or pump at more than 70 brands nationwide including leaders in the big-box, convenience, pharmacy, fuel, grocery, quick-and full-service dining, specialty-retail and travel categories. When CurrentC™ debuts nationwide, consumers will be able to use the CurrentC™ app on virtually any iOS or Android mobile device to both pay for an item and redeem applicable coupons, promotions and rewards at the same time.
The BIM solution also enables a more streamlined account provisioning process, and incorporates several technologies to reduce the typical 1-3 day enrollment authentication process to less than 60 seconds in many cases. The BIM solution offers fast account verification for more than 90 percent of the checking accounts in the U.S. and more than 3 million customers already exist on the BIM platform due to the company’s existing partnerships. To further protect CurrentC™ consumers, our zero-liability policy protects consumers in the event unauthorized or fraudulent charges are made to their checking account as a result of unauthorized ACH transactions processed through BIM. Consumers will not be responsible for any charge, loss, or out-of-pocket cost related to those unauthorized charges when reported to us as directed. For merchants, the BIM solution is technology agnostic and approved transactions are guaranteed with quick and reliable settlement.
“We are hearing directly from consumers about the importance of having choices when it comes to payment within the app. With BIM’s technology and the ability to pay via a checking account, consumers will soon have several options for paying for goods and services using CurrentC™” said Brian Mooney, MCX CEO. “While consumers want options, they also want security. We chose BIM’s technology for its seamless integration with CurrentC™, security features, and fraud prevention capabilities.”
“CurrentC™ is committed to improving the customer experience through mobile payments,” said Adam Frisch, President and CEO of BIM. “We’re thrilled to support that mission with our technology platform that provides consumers with a safe, convenient and seamless way to pay with their checking accounts at the nation’s leading retailers.”
Merchant Customer Exchange LLC (MCX) is building CurrentC™, a customer-focused and security-driven mobile commerce solution that will deliver a seamless and convenient payment and shopping experience for customers and merchants alike. MCX’s owner-members include leaders in the big-box, convenience, pharmacy, fuel, grocery, quick- and full-service dining, specialty-retail and travel categories. Collectively, these companies operate more than 110,000 locations and process more than $1 trillion in payments annually. The company operates from offices in Boston and Dallas. For more information, visit www.mcx.com. CurrentC™ and all associated proprietary marks are trademarks of Merchant Customer Exchange LLC and its related entities.
CurrentC™ and all associated proprietary marks are trademarks of Merchant Customer Exchange LLC and its related entities.
Buy It Mobility (BIM) Networks Inc. is a next-generation payments and commerce platform that enables merchants to lower their costs, strengthen their brand, and enhance the buying experience for their customers. For merchants, BIM is an ideal white-label payments platform – safe, reliable, consumer friendly with up to 95% reduced transaction fees. The branded tender can be combined with loyalty, reward, and incentive programs as part of their consumer engagement strategies. For consumers, one-time enrollment with limited data input allows them to load the merchant application, adopt the program, and complete their validation – all generally in less than a minute – with simple PIN number or biometric authorization for forward purchases. To learn more, visit www.bimnetworks.com.
Jonathan Lowe, 646-805-2068
Press Release from BusinessWire: http://www.businesswire.com/news/home/20151016005517/en#.ViFJ0xCrQi5
Watch as former Home Depot CEO, Robert Nardelli, talks about “The next big thing in innovation” – mobile payments with BIM!
Thousands of payments executives gathered together in Orlando Florida for the most prestigious ACH payments event of the year, NACHA Payments 2014.
BIM’s own Adam Frisch was invited to speak at a general session about how mobile payments are being enhanced by those who are leveraging the ACH Network in new ways to benefit both consumers and merchants, as well as the entire payments ecosystem. Seasoned payment exes in attendance learned how new technology is actually making ACH a viable option for Mobile – with BIM, not only can many consumers now enroll in mobile ACH in less than 60 seconds, but for merchants, payment is also guaranteed and settled the next day.
How did we do it? Please contact us for more information.
Despite another winter storm threatening to shut the city down, BIM heads to Atlanta to sponsor and attend the Merchant Advisory Group’s Mid-Year Conference. Given recent data breaches, a major topic of the conference was security. There was much discussion about the security of EMV chip cards vs. magnetic strip cards, and other industry topics.
BIM was happy to lead the discussion (with other industry players) about mobile payments, merchants were particularly interested in reducing transaction fees (by up to 90%) by using ACH.
But what about the security of mobile payments? Security is at the heart of BIM’s technology: Click here to learn more about Security at BIM.
We look forward to the MAG’s annual conference in Ft. Laurderdale in September!