Citi has joined forces with BNY Mellon and wireless network operator Verizon to launch a real-time bill payment service for retail customers.
Tapping BNY Mellon's new real-time electronic bill and payment service, Verizon customers with Citibank accounts can now pay their bills immediately, at any time of day, 365 days a year.
Verizon customers who bank at Citi can also use Citibank Online to schedule the payment to be made at a specified date and time in the future, such as on their next recurring payday or as an on-demand payout from a platform supporting a supplementary income stream, such as a ride-hailing or food delivery app.
BNY Mellon unveiled its service, which taps into The Clearing House's RTP network, earlier this year. The bank says that firms get higher straight through processing levels, faster collections, simplified reconciliation, increased transparency and lower costs. Meanwhile, customers gain greater convenience, transparency and control of their cash flow, while the environment benefits from cutting paper-based processes.
"While setting up automatic bill payments is convenient for many customers, living with weekly budgets or irregular income streams can be a challenge," says Kate Luft, head, retail US segments and products, Citi. "Real-Time Bill Pay gives people greater control to pay the bills they want to pay precisely when they want to pay them."