- With a built-in network of 135,000
billers, Mastercard Bill Pay Exchange will have the largest
community of U.S. billers
- Enable banks and credit unions to
become a one-stop-shop for all bill payments
Paying bills is everyone’s least favorite chore – it requires
balancing when bills are due, flexing memory muscles when it comes
to remembering passwords and signing in and out of different
billing sites. Mastercard Bill Pay Exchange, a new digital solution
will make it easier for consumers to view, manage and pay telecom,
utility, rent, credit card, mortgage and other personal bills
without having to set up accounts with different billers or
remember multiple passwords and dates for payments each month.
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Mastercard launches Bill Pay Exchange To
Make Paying Bills Easy
Offered through banks and credit unions, this technology will
enable consumers to use their mobile banking app to easily set up
all billers, receive notifications when a bill is due, see bill
details, and manage multiple bills in one place including
specifying when and how much to pay.
Mastercard Bill Pay Exchange will link to The Clearing House’s
(TCH’S) real-time payments infrastructure, which was built with
technology from Vocalink, a Mastercard company. This will enable
consumers to pay their bills instantly from their bank accounts –
in a matter of seconds versus days – reducing the delay between
when the payment is made and when it is reflected in the consumer’s
balance.
“Mastercard is accelerating its vision of digitizing all forms
of payments to make life simple, seamless and secure,” said Colleen
Taylor, executive vice president, New Payment Flows, North America,
Mastercard. “With Vocalink, we are in a unique position as the only
network that has the technology capabilities and know-how to build
faster payments applications at the pace the market requires.”
Mastercard Bill Pay Exchange, will bring speed, transparency and
efficiency to bill payments, including several benefits to billers
such as reduction of reconciliation costs achieved by delivering
remittance details in bulk or alongside payments, and decrease in
costs associated with mailing paper bills and processing paper
checks.
With Bill Pay Exchange, FIS will be able to deliver an enhanced
bill pay experience to consumers at banks, financial institutions,
and credit unions.
“FIS is committed to helping financial institutions take
advantage of the most modern payment technologies to deliver a
seamless bill pay experience for financial institutions, consumers
and billers,” said Mike Kresse, division executive, FIS Money
Movement and Lending. “We are excited to be a part of this new
initiative to improve the bill pay experience.”
While partnerships with banks are critical to bringing this
solution to life, a vast and healthy network of billing partners
will drive adoption. Over the last 30 years, Mastercard has built
the largest network of 135,000 billers to support traditional bank
bill pay, and the company plans to broaden biller coverage even
further. ACI Worldwide, Aliaswire, Inlet and Transactis have also
signed on to develop the Bill Pay Exchange. These partners will
facilitate real-time payment messaging and confirmation. In
addition, billing information provided by them will enable banks to
auto-suggest billers to their customers so they don’t have to
manually add the businesses to whom they make regular payments.
Mastercard will begin product integration and testing of Bill
Pay Exchange with partners in 2019 with commercial availability the
same year.
PARTNER QUOTES:
“We are excited to extend this relationship with Mastercard on
its new Bill Pay Exchange offering. By leveraging our
category-leading offerings in both Electronic Bill Presentment and
Payment (EBPP) and Faster Payments, banks, billers and consumers
across the country benefit from the control, choice and flexibility
that our Universal Payment (UP) solutions deliver.” – Dan Frate,
Group President, ACI On-Demand, ACI Worldwide.
“The ability to present bills in real-time and transform the
speed of payments opens up doors to create a better experience for
banks, billers and payers. We are very excited to deepen our
partnership with Mastercard and work together to provide a strong,
bank-centric, electronic bill payment solution.” – Hoss
Mohsenzadeh, President and CEO, Aliaswire Inc.
“Inlet empowers billers to add new presentment and payment
destinations, improving the customer experience while reducing
servicing costs. Pairing Inlet’s e-bill delivery and matching
capabilities with Mastercard’s proven network and cutting-edge
technology will result in benefits for banks, billers and
consumers.” – Christopher Johnson, CEO, Inlet.
“This is a unique opportunity for banks to bring a seamless
billing and payment experience to both consumers and businesses.
Transactis was created for banks to serve their clients with biller
direct EBPP technology. We are eager to support Mastercard by
bringing this solution to our networks of bank partners to
integrate the customer advantages of biller direct EBPP to reinvent
bank bill pay.” – Joe Proto, CEO, Transactis.
Mastercard (NYSE:MA), www.mastercard.com, is a
technology company in the global payments industry. Our global
payments processing network connects consumers, financial
institutions, merchants, governments and businesses in more than
210 countries and territories. Mastercard products and
solutions make everyday commerce activities – such as shopping,
traveling, running a business and managing finances – easier, more
secure and more efficient for everyone. Follow us on
Twitter @MastercardNews, join the discussion on
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Mastercard CommunicationsChaiti SenEmail:
chaiti.sen@mastercard.comTel: 914.263.6542
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