Mastercard buttresses bill payment with R.R. Donnelly's technology
Mastercard is adding customized communications technology from R.R. Donnelly & Sons to power an instant bill payment tool it’s been piloting since last year.
Chicago-based RRD, a legacy provider of marketing and business communications, will help power Mastercard Bill Exchange, a consumer-facing digital bill payment tool the card network is developing for banks, according to a Thursday press release.
Consumers at participating banks can use Mastercard’s tool to add billers, view details, receive due-date notifications and payment confirmations, and RRD’s technology will provide key connections between parties, the release said.
The move advances Mastercard’s efforts to build an instant bill payment network that’s faster than sending payments on ACH rails.
“This digital solution will transform a previously disjointed consumer experience and help consumers avoid late fees while giving billers a way to reduce costs and boost on-time payments,” said John Pecaric, RRD Business Services’ president, in the release.
“Since first announcing Bill Payment Exchange, Mastercard has continued to evolve this digital solution to benefit consumers, billers and financial institutions alike,” said Ronald Schultz, Mastercard’s executive vice president of new payment flows for North America, in the release.
Though surveys indicate the majority of consumers continue to pay their bills directly through billers’ websites, Mastercard has recently redoubled its efforts to couple banks’ online and mobile apps with tools that would give consumers more visibility and control into their monthly bills.
Bill Payment Exchange represents more than 135,000 billers, according to the service’s website.