BNY Mellon taps RTP network for digital bill-pay play

BNY Mellon taps RTP network for digital bill-pay play

Risk Disclaimer >>
Ad disclosure Fintech-Insight stands firm in its mission to facilitate sound financial decisions for you. We forge alliances with specialists to provide the latest in news and facts. Engagement with designated links, sponsored entries, products and/or services, leading transfers to brokers, or promotional content might entail financial recompense for us. We pledge to protect our users from any negative repercussions arising from utilizing our site. Be informed that no content hosted here should be interpreted as authoritative in legal, tax, investment, financial matters or any expert counsel; it is meant for informational purposes exclusively. Should there be any concerns, securing the guidance of an independent financial consultant is recommended.

BNY Mellon is taking advantage of The Clearing House’s RTP network for a new real-time electronic bill and payment service.

The service will let businesses present digital bills to their consumer clients in real-time and receive instant payment via the customers’ preferred online and mobile banking channels.

Firms can also tap real-time integrated messaging through APIs to provide instant, end-to-end straight through processing from bill-presentment to payment to reconciliation. BNY Mellon is also offering banks access for their own clients via a white-label offering.

Touting the benefits, the bank says that firms get higher straight through processing levels, faster collections, simplified reconciliation, increased transparency and lower costs. Customers gain greater convenience, transparency and control of their cash flow, while the environment benefits from cutting paper-based processes.

Mike Bellacosa, global head, payments and transaction services, BNY Mellon, says: “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.”

Risk Disclaimer

Fintech-Insight is dedicated to delivering unbiased and dependable insights into cryptocurrency, finance, trading, and stocks. However, we must clarify that we don't offer financial advice, and we strongly recommend users to perform their own research and due diligence.

Leave a Reply