Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

FINANCE

BNY Mellon is the first bank leveraging the RTP® network to provide corporations

with instant digital consumer bill pay service

BNY Mellon today announced that it has launched a first-of-its-kind real-time electronic bill (e-bill) and payment solution. Displacing the inefficient and antiquated process historically used to handle the majority of the 15 billion bills paid in the U.S. annually, this pioneering capability enables U.S. businesses to present digital bills to their consumer clients in real-time and receive instant payment via the consumers’ preferred online and mobile banking channels.

This transformational solution promises significant change by delivering ubiquitous 24/7/365 digital capabilities that will improve their end-to-end payment interactions. Businesses can leverage real-time integrated messaging through application programming interfaces (APIs) to provide instant, end-to-end straight through processing from bill-presentment to payment to reconciliation. Banks can also leverage this solution for their own clients via BNY Mellon’s white-label offering. These e-bills will be sent over the RTP® network operated by The Clearing House.

The key advantages for billers include higher straight through processing levels, faster collections, simplified reconciliation, increased transparency and lower costs. Their consumer clients gain greater convenience, transparency and control of their cash flow. Additionally, e-bill technology represents a substantial advance in efforts to protect the environment, diminishing the negative impacts of paper-based processes.

“Innovation in the bill-pay space is long overdue, and BNY Mellon’s e-bill solution is the transformative technology that will drive this change and improve the client experience. Our early-adoption and leadership in real-time payments and comprehensive digital payables and receivables uniquely positions us to immediately support clients’ digital-billing needs, providing both e-bill and instantaneous payment capability,” says Mike Bellacosa, Global Head of Payments and Transaction Services for Treasury Services at BNY Mellon. “This comes at a time when automation and efficiency are higher priorities than ever for clients and consumers alike. We are thrilled to once again be at the cutting edge of these offerings – and anticipate widespread adoption of this new solution in the coming months and years.”

As it continues to grow in popularity, the solution will be particularly appealing to the businesses where bill volumes are greatest and there is a need to quickly and efficiently issue and collect payments – including utilities, credit card companies, cable, internet, and cell phone providers. More broadly, these capabilities have the potential to disrupt the e-commerce and point-of-sale experiences in the future, as well as the associated interchange expenses incurred by large U.S. billers and merchants.

As the originator of the first ever RTP transaction in 2017, and the first bank to provide Request for Payment (RFP) messaging capabilities in 2018, BNY Mellon is a pioneer in the real-time payments and digital payments space. Leveraging the expanding RTP network-wide infrastructure, the new e-bill offering will reach millions of consumers across the U.S. – and BNY Mellon is actively collaborating with multiple billers and retail banks to drive the adoption of this new functionality. BNY Mellon’s production pilots will continue this year, with plans to scale more broadly into 2022.

 

ABOUT BNY MELLON

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of March 31, 2021, BNY Mellon had $41.7 trillion in assets under custody and/or administration, and $2.2 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts