Purchase, NEW YORK – October 10, 2018 – Paying bills is everyone’s least favorite chore – it requires balancing when bills are due, flexing memory muscles when it comes to remembering passwords and signing in and out of different billing sites. Mastercard Bill Pay Exchange, a new digital solution will make it easier for consumers to view, manage and pay telecom, utility, rent, credit card, mortgage and other personal bills without having to set up accounts with different billers or remember multiple passwords and dates for payments each month.
Offered through banks and credit unions, this technology will enable consumers to use their mobile banking app to easily set up all billers, receive notifications when a bill is due, see bill details, and manage multiple bills in one place including specifying when and how much to pay.
Mastercard Bill Pay Exchange will leverage The Clearing House’s (TCH’S) faster payments infrastructure, which was built with technology from Vocalink, a Mastercard company. This will enable consumers to pay their bills instantly from their bank accounts – in a matter of seconds versus days – reducing the delay between when the payment is made and when it is reflected in the consumer’s balance.
“The ability to present bills in real-time and transform the speed of payments opens up doors to create a better experience for banks, billers and payers. We are very excited to deepen our partnership with Mastercard and work together to provide a strong, bank-centric, electronic bill payment solution.” – Hoss Mohsenzadeh, President and CEO, Aliaswire Inc.