BNY Mellon and Citi have collaborated with Verizon to be the first company 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, and enjoy greater control over their finances to help avoid overdraft fees.
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 innovative functionality revolutionizes 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.
“While setting up automatic bill payments is convenient for many customers, living with weekly budgets or irregular income streams can be a challenge,” said Kate Luft, Head of Retail U.S. Segments and Products at Citi. “Real-Time Bill Pay gives people greater control to pay the bills they want to pay precisely when they want to pay them. We look forward to expanding this program.”
“We are thrilled to be working with Verizon on rolling out our Real-Time E-Bills and Payments capabilities to retail customers for the first time,” said Robin Vince, Vice Chair of BNY Mellon and CEO of Global Market Infrastructure. “Retail customers have grown accustomed to using instant payment apps for small value purchases but have not had access to the same functionality or the enhanced security benefits Real-Time Payments provides for paying their phone, internet and other bills. Today’s announcement fills in this gap in the marketplace, and we look forward to rolling out Real-Time E-Bills and Payments to customers across the U.S.”
“Verizon is always looking to provide our customers with choices that can benefit their lifestyles. Real-Time Bill Pay allows our customers to choose when their payments are made and gives them more control over their personal finances. We are pleased to be the first and only provider to offer this product to its customers,” said Dan Gerola, Head of Order to Cash, SVP of Finance Operations at Verizon.
