Payrailz to pilot Mastercard Bill Pay Exchange

Source: Payrailz

Payrailz, a digital payments company offering smarter, more engaging payment experiences to banks and credit unions announced that in an effort to help consumers view, manage and pay bills with greater ease it is working with Mastercard to pilot, test and support the Mastercard Bill Pay Exchange, which provides real-time bill payment capability directly from digital banking apps.

Under this pilot program, Payrailz will integrate its Smart Payments Platform solution with the Mastercard Bill Pay Exchange enabling consumers to have centralized access to bills from their financial institution’s website or mobile app, providing a more secure and easier way to link billing accounts, view bills and make payments through the Payrailz platform.

With Bill Pay Exchange, consumers can receive their bills faster and see their bills live. Consumers can pay those bills either with cards, real-time payments or traditional bank transfers, and receive confirmation of payment from the biller in real-time, all within their banking app or website.

Additionally, as a part of the Mastercard Bill Pay Exchange, Payrailz joins a network dedicated to enhancing consumers’ bill pay experience, particularly telecom, utility, rent, credit card, mortgage, and other personal bills. The program enables consumers to pay these bills directly through their financial institution by using a single touchpoint. This removes the need to set up multiple direct accounts with each service provider.

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 of accepting cards, real-time payments or traditional bank account payments as they do on their own websites.

“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 this solution, Payrailz will be able to bring speed, transparency, and efficiency to bill payments.”

“The Mastercard Bill Pay Exchange represents a major shift in the way consumers, billers and financial institutions will handle bill payments,” said Fran Duggan, CEO of Payrailz. “We are honored to be involved in this initiative and see this cooperative approach to transforming the bill pay experience as a necessary and timely development. At Payrailz, we continue to seek new and innovative ways to enhance the payments experience for all parties, and this pilot is one important way we are pursuing this corporate goal.”

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