SEATTLE, Aug. 20, 2014 (GLOBE NEWSWIRE) -- Free bill payment application Mobilligy today announced it has changed its name to Prism Money to better reflect the company's commitment to building transparent, simplified tools for managing personal finances and paying bills. In addition to its name change, the company also is rolling out a major UI upgrade to supported platforms over the next several weeks. This new experience shows a complete visualization of bills and budget, with new features that include drag-and-drop sliders that automatically calculate payments relative to income in real time and a tap function to see instantly the status of individual bills.
A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=27212
Bill paying should be simple and intuitive, but balancing paychecks and bills is among the most frustrating challenges consumers face. Americans spend more than $22 billion a year on credit card penalties and more than $32 billion a year on overdraft fees.
Prism believes that most of those fees are accidental or could be dramatically reduced if people had a better handle on what fees they were facing and at what time. Furthermore, many people do not pay their bills in the ideal order, limiting their ability to avoid painful fees. By completely eliminating the complex arithmetic of payments, Prism delivers a personal finance/bill pay experience unlike any that is offered today by banks and other bill payment tools.
"Our mission is to help people get on top of their finances in a way that is right for them and their individual needs. For some, that means bringing all of their billing information into one place. For others, it means giving them the breathing room to think through their finances and helping them to make decisions that further their long-term goals," said Prism CEO Tyler Griffin. "The name-change to Prism reflects our commitment to improve the financial lives of our customers by delivering simplified, authentic transparency and providing the tools our customers need to break up challenges along the way into meaningful and individually addressable chunks," continued Griffin.
Bringing even more control and visualization to bill payment, the new Prism interface makes it instantly evident how much each bill represents relative to the others and relative to one's paycheck. With just one look at the Prism home screen, customers can see the entirety of their monthly bills and how each fits into their budget and income.
Prism also calculates how much income is taken up by any bills just paid. Customers can track paydays to better synchronize with bill payment due dates and see how paying individual bills late or early will affect their income and budget before they actually start paying bills. To pay more or less on a given bill, users drag a slider; the app then visually approximates the effect of the change on the customer's monthly budget. The entire process is simple, intuitive, and visual.
Prism has more than 14,000 billers on file and integrates seamlessly with more than 1,300 of the nation's largest providers. Prism works on most smartphones and tablets and is available for free download.
Prism is a customer-focused financial tool that adds transparency, simplicity and control to the difficult and daunting task of daily personal finance management. An easy, fast, and free way to instantly pay the bills you want to pay when you want to pay them, Prism works on top of traditional banking and billing interfaces, bringing together bank accounts, credit cards, billers, and paydays into a single and holistic bill payment interface. Prism is committed to being the most customer-focused financial tool on the market, and with its real time, in app support, Prism encourages its customers to reach out for help or with feedback any time. Rather than using a third party to process payments, Prism pays billers directly, insuring that the biller provides credits for payment almost instantly and providing a completely intuitive experience for the consumer. For additional information email at firstname.lastname@example.org, call toll-free at 1-844-PRISM-APP, or say hello on Twitter or Facebook.
The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress.
CONTACT: Media Contact Seth Geisler (858) 610-9860 email@example.comSource: Prism Money