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BNY Mellon taps RTP network for digital bill-pay play

BNY Mellon taps RTP network for digital bill-pay play

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."

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 27 May, 2021, 17:04Be the first to give this comment the thumbs up 0 likes

LOL EBPP and Innovation.

Electronic Bill Presentment has been around for at least 20 years. By printing a link or QR code on the bill, Billers and Banks powered Electronic Bill Payment for at least 15 years. In countries where RTP rail is available, such as UK (FPS), India (IMPS, UPI), the payment can also happen in realtime for at least 3-5 years. 

TBH it's highly reaching for a bank to call EBPP an innovation in 2021. If Mr. Mike Bellacosa really means that innovation is long overdue in EBPP *for his bank*, I have no argument:)