Mastercard today announced that it is working with several new partners, including ConEd, to roll out Mastercard Bill Pay Exchange.
Avidia Bank, Aliaswire Inc., OSG Billing Services and Transactis will be among the first to offer Bill Pay Exchange to their customers.
Mastercard rolled out Bill Pay Exchange to 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, remember multiple passwords, and log in to multiple websites.
With Bill Pay Exchange, consumers can pay their bills either with cards, real-time payments or from their bank account, and receive confirmation of payment all within their banking app or website.
This solution will give billers access to a new billing and payment channel, which can reduce the cost of mailing paper bills and processing checks, provide streamlined reconciliation and lower customer support costs due to added payment transparency. Billers will also have the option to accept cards, real-time payments, or traditional bank account payments as they do on their own websites.
“ConEd is committed to continuously improving our billing and payment options for our customers,” said Frank D’Amadeo, director of Treasury at ConEd. “By delivering bills directly to our customers’ banks, they have a new option to simplify how they can see and pay their bills.”
Mastercard will also be testing the solution with eight other partners, including Best Digital Solutions, Inlet, Nordis Technologies, Papaya, Payrailz, Plastiq, RR Donnelley (RRD), and Synapse to make the solution available for consumers. These partners collectively will help drive adoption and scale for the solution in the United States.
“We’re excited to be partnering with Mastercard on the Bill Pay Exchange, as the solution aligns perfectly with our transformative approach to customer communications,” said Jonathan Gustave, Executive Vice President of OSG Billing Services.
“Since first announcing Bill Pay Exchange, Mastercard has continued to evolve this digital solution to benefit consumers, billers and financial institutions alike,” said Ronald Shultz, executive vice president, New Payment Flows, North America, Mastercard. “With the help of our trusted pilot partners, this solution will bring speed, transparency and efficiency to bill payments for the masses.”