BNY Mellon and Citi collaborate with Verizon for real-time bill pay

Thursday 16 September 2021 11:19 CET | News

BNY Mellon and Citi have collaborated with Verizon to be one of the companies to send request-for-payment messages to consumers who bank with Citi.

When using BNY Mellon's new Real-Time E-Bills and Payments functionality, Verizon customers with Citibank accounts can pay their bills immediately, at any time of day, 365 days a year. Additionally, Verizon customers who bank at Citi can use Citibank Online to schedule the payment to be made at a specified date and time in the future, such as on their next recurring payday or as an on-demand payout from a platform supporting a supplementary income stream, such as a ride-hailing or food delivery app.

Unlike an ACH transaction or a paper check, Real-Time E-Bills and Payments are immediate and fully controlled by the consumer, who can authorize and schedule each payment to who they want to pay, when they want.

This functionality changes the bill pay experience for both the biller and the customer, connecting BNY Mellon as the billing bank, Verizon as the biller and Citi as the customer's bank, with the transaction transmitting in real time over The Clearing House's RTP network.

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Keywords: Citi, partnership, product launch, retail, Request to Pay, banks, real-time payments
Categories: Payments & Commerce
Countries: United States
This article is part of category

Payments & Commerce