In an era of digitalization and internet, businesses are continuously working on innovative solutions to improve brand value. In a bid to have a competitive edge over rivals, numerous companies are rolling out innovative financial services.

American multinational financial services corporation, Mastercard is one such firm that has recently announced that it is working with numerous new partners to launch Mastercard Bill Pay Exchange. As per reports, the platform will enable customers to pay their bills either with cards, real-time payment or from their bank account, and receive payment status on website or within their banking app.

Sources cite that, with Bill Pay Exchange, customers can also easily view, rent, manage and pay telecom, utility, credit card, mortgage, and other bills. It will eliminate the need for setting accounts with different billers, log in to multiple websites and remember numerous passwords.

Moreover, with this new service, billers can access new payment and billing channel, which can reduce the cost of processing checks and mailing paper bills, offer streamlined reconciliation and reduced support cost because of added payment transparency.

Apparently, Mastercard is working with ConEd. Meanwhile, the solution is being tested with partners including Best Digital solutions, Inlet, Papaya, Nordis Technologies, Plastiq, Payrailz, RR Donnelley (RRD), and Synapse. These partners are slated to help Mastercard in driving adoption and scale for the solution in the United States.

Frank D’Amadeo, Director of Treasury at ConEd, stated that ConEd is committed to improve its billing and payment options for customers. He added that, by offering bills directly to customers’ banks, they have a new option to simplify how they can pay and see their bills.

As for Jonathan Gustave, Executive Vice President, OSG Billing Services, the company felt excited to partner with Mastercard on the Bill Pay Exchange, as the solution aligns perfectly with its transformative approach to customer. 

Ronald Shultz, Executive Vice President, New Payment Flows, Mastercard, meanwhile said that their company has continually evolved its digital solution for the benefits of consumers, financial institutions, and billers since the first announcement of Bill Pay Exchange. Shultz added that this solution would bring transparency, speed, and efficiency to bill payments for masses.

Source Credit - https://newsroom.mastercard.com/press-releases/mastercard-expands-bill-pay-exchange-partners/