BNY Mellon has launched a new real-time electronic bill and payment service utilizing The Clearing House’s RTP network. This innovative service enables businesses to present digital bills to their consumer clients instantly, allowing for immediate payments through their preferred online and mobile banking channels.
Businesses can benefit from real-time integrated messaging via APIs, facilitating seamless end-to-end processing from bill presentation to payment and reconciliation. Additionally, BNY Mellon offers a white-label solution for banks, enabling them to extend this service to their own customers.
The advantages are substantial: businesses will experience enhanced straight-through processing, quicker collections, simplified reconciliation, increased transparency, and reduced costs. Customers, on the other hand, will enjoy greater convenience and control over their cash flow, while also contributing to environmental sustainability by reducing paper usage.
Mike Bellacosa, Global Head of Payments and Transaction Services at BNY Mellon, emphasized the necessity for innovation in the bill-pay sector, stating, “The e-bill solution from BNY Mellon represents the transformative technology needed to drive this change and significantly enhance the client experience.”