BNY Mellon unveils new e-bill solution; embarks digital bill-pay revolution
By Pavithra R
BNY Mellon has announced the launch of first-of-its-kind real-time electronic bill (e-bill) and payment solution to displace the inefficient and antiquated process historically used to handle the majority of the 15 bn bills paid in the U.S. annually.
The solution enables U.S. businesses to present digital bills to their consumer clients in real-time and receive instant payment via the consumers’ preferred online and mobile banking channels. It promises significant change by delivering ubiquitous 24/7/365 digital capabilities that will improve their end-to-end payment interactions.
Businesses can leverage real-time integrated messaging through application programming interfaces (APIs) to provide instant, end-to-end straight-through processing from bill-presentment to payment to reconciliation. Banks can also leverage the solution for their own clients via BNY Mellon’s white-label offering. These e-bills will be sent over the RTP network operated by The Clearing House.
“Innovation in the bill-pay space is long overdue, and BNY Mellon’s e-bill solution is the transformative technology that will drive this change and improve the client experience. Our early-adoption and leadership in real-time payments and comprehensive digital payables and receivables uniquely positions us to immediately support clients’ digital-billing needs, providing both e-bill and instantaneous payment capability. This comes at a time when automation and efficiency are higher priorities than ever for clients and consumers alike. We are thrilled to once again be at the cutting edge of these offerings – and anticipate widespread adoption of this new solution in the coming months and years,” said Mike Bellacosa, Global Head of Payments and Transaction Services for Treasury Services at BNY Mellon.
The key advantages for billers include higher straight-through processing levels, simplified reconciliation, increased transparency, faster collections, and lower costs. Their consumer clients gain greater convenience, transparency and control of their cash flow. Additionally, e-bill technology represents a substantial advance in efforts to protect the environment, diminishing the negative impacts of paper-based processes.
Established in 1784, BNY Mellon delivers informed investment management and investment services in 35 countries and serves clients around the world. According to company data, as of March 31, 2021, the investment banking company had $41.7 T in assets under custody and/or administration, and $2.2 T in assets under management.
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