Mastercard

Mastercard Expands Biller Roster To Enable Real-Time Bill Pay

Mastercard Rolls Out Global B2B Payment Service

Mastercard announced that it is rolling out Mastercard Bill Pay Exchange with the help of several new partners, including ConEd, Avidia Bank, Aliaswire Inc., OSG Billing Services and Transactis.

The new offering will make it easier for consumers to view, manage and pay telecom, utility, rent, credit card, mortgage and other bills without the hassle of having to set up different accounts, track multiple passwords, and log in to multiple websites. Consumers will be able to make payments with cards, real-time payments or from their bank account.

Mastercard Bill Pay Exchange also benefits billers by reducing the cost of mailing paper bills and processing checks, providing streamlined reconciliation and lowering customer support costs. These merchants 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,” Frank D’Amadeo, director of Treasury at ConEd, said in a press release. “By delivering bills directly to our customers’ banks, they have a new option to simplify how they can see and pay their bills.”

The solution will also be tested out with eight other partners, including Best Digital Solutions, Inlet, Nordis Technologies, Papaya, Payrailz, Plastiq, RR Donnelley (RRD), and Synapse.

“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,” added Ronald Shultz, executive vice president of new payment flows at 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.”

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The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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