Mastercard has formed multiple alliances to roll out its Bill Pay Exchange solution, which enables customers to make real-time payments.
Initially, the solution will be available via ConEd, Avidia Bank, Aliaswire, OSG Billing Services and Transactis.
Customers can use Mastercard Bill Pay Exchange to view, manage and pay different bills, including credit card, utility and rent bills. The solution eliminates the need for accounts with various billers, different passwords and login.
The solution facilitates cards or bank account transaction, as well as real-time payments. Users will receive payment confirmation in their banking app or website, added Mastercard.
ConEd director of Treasury Frank D’Amadeo said: “By delivering bills directly to our customers’ banks, they have a new option to simplify how they can see and pay their bills.”
As a billing and payment channel, the new solution is expected to minimise the expenses associated with mailing paper bills and processing cheques. It also streamlines reconciliation and cuts customer support costs with better payment transparency.
Mastercard executive vice-president of New Payment Flows for North America Ronald Shultz said: “Since first announcing Bill Pay Exchange, Mastercard has continued to evolve this digital solution to benefit consumers, billers and financial institutions alike.
“With the help of our trusted pilot partners, this solution will bring speed, transparency and efficiency to bill payments for the masses.”
The company also partnered with Best Digital Solutions, Inlet, Nordis Technologies, Papaya, Payrailz, Plastiq, RR Donnelley (RRD) and Synapse to test Bill Pay Exchange.
These collaborations are expected to boost adoption in the US.