Mastercard launches real-time bill payments
Written by Peter Walker
Mastercard has launched Bill Pay Exchange, a new digital solution to help consumers view, manage and pay bills without having to set up accounts with different billers or remember multiple passwords and dates for payments each month.
Offered through banks and credit unions, the technology lets consumers use their mobile banking app to set up all billers, receive notifications when a bill is due, see bill details, and manage multiple bills in one place, including specifying when and how much to pay.
The Bill Pay Exchange will link to The Clearing House’s real-time payments infrastructure, which was built with technology from Vocalink, a Mastercard company. This will mean bills are paid instantly, in a matter of seconds versus days.
It should also reduce reconciliation costs by delivering remittance details in bulk or alongside payments, and decrease the costs associated with mailing paper bills and processing paper checks.
Over the last 30 years, Mastercard has built a network of 135,000 billers to support traditional bank bill pay, and the company plans to broaden biller coverage even further. ACI Worldwide, Aliaswire, Inlet and Transactis have also signed on to develop the Bill Pay Exchange. These partners will facilitate real-time payment messaging and confirmation.
Mastercard will begin product integration and testing of Bill Pay Exchange with partners in 2019, with commercial availability the same year.
“By leveraging our offerings in both Electronic Bill Presentment and Payment (EBPP) and Faster Payments, banks, billers and consumers across the country benefit from the control, choice and flexibility that our Universal Payment solutions deliver,” commented Dan Frate, group president for ACI On-Demand from ACI Worldwide.