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BNY Mellon’s new solution leads the digital Bill-pay revolution

BNY Mellon’s new solution leads the digital Bill-pay revolution

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Thursday, May 19, 2022
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BNY Mellon’s new solution leads the digital Bill-pay revolution

BNY Mellon’s new solution leads the digital Bill-pay revolution

BNY Mellon has announced that it has launched a first-of-its-kind real-time electronic bill (e-bill) and payment solution. Displacing the inefficient and antiquated process historically used to handle the majority of the 15 billion bills paid in the U.S. annually. This pioneering capability enables U.S. businesses to present digital bills to their consumer clients in real-time and receive instant payment via the consumer’s preferred online and mobile banking channels.

This transformation delivers ubiquitous 24/7/365 digital capabilities. End-to-end payment interactions will be improved by this. Through application programming interfaces (APIs), businesses can leverage real-time integrated messaging. Through the BNY Mellon’s white-label offering, banks can also leverage this solution for their own clients. These e-bills will be sent over the RTP® network, which is operated by the Clearing House.

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Higher straight through processing levels, faster collections, simplified reconciliation, increased transparency and lower costs are the major advantages for the billers. There is greater convenience and transparency for their consumer clients and also, they have a control of their cash flow. In addition to this, their e-bill technology represents a substantial advance. As a result of this, this can protect the environment by diminishing the negative impacts of paper-based processes.

Mike Bellacosa, Global Head of Payments and Transaction Services for Treasury Services at BNY Mellon says that the innovation in the bill-pay space is long overdue. The BNY Mellon’s e-bill solution is the transformative technology which drives this change and improves the client’s experience. Their early-adoption and leadership in real-time payments and comprehensive digital payables and receivables uniquely positions them to immediately support client’s digital-billing needs. This provides both e-bill and instantaneous payment capability.

BNY Mellon is a pioneer in the real-time payments and digital payments space. It is actively collaborating with multiple billers and retail banks to drive the adoption of this new functionality. BNY Mellon’s production pilots will continue this year, with plans to scale more broadly into 2022.

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