doxo to Bring Overdraft Protection to Bill Pay through Plaid

The Largest Consumer Bill Pay Network in the Country Integrates Plaid
to Provide Real-time Bank Balance Verification While Paying Bills

SEATTLE–(BUSINESS WIRE)–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.

Contacts

Erin Fisher via press@doxo.com