Citi® Present and Pay Now Live with Account Authentication and Real-Time Payments
13 Dezembro 2021 - 11:00AM
Business Wire
New Capabilities Help Address Key Challenges
Facing Institutional Billers in the U.S.
Citi’s Treasury and Trade Solutions (TTS) has enhanced Citi®
Present and Pay, its market-leading electronic bill presentment and
payment platform for institutional billers in the U.S. Key new
capabilities include the addition of Citi® Verify, a real-time
account verification tool, and electronic bill (e-Bill)
distribution capabilities through Request for Pay (RfP) messaging
via the RTP© network, the real-time payment system from The
Clearing House (TCH).
“Our clients are increasingly focused on improving the end-user
experience of their own customers, with integrated, multi-channel
solutions that offer more choice and convenience with flexible
payment options and simplified user experiences,” said Michael
Fossaceca, North America Region Head, Citi Treasury and Trade
Solutions. “We are pleased to provide these new capabilities that
can be implemented quickly and can immediately add value to their
customers.”
Citi Present and Pay is an omni-channel electronic bill
presentment and payment platform that enables institutional clients
to distribute bills digitally to customers across multiple
communication channels, including email, SMS/text, voice/phone, and
web and mobile web; and to collect corresponding bill payments via
ACH, credit and debit cards, and alternative payment methods
(APMs). The new enhancements will enable clients in the U.S. to
deliver a better bill-pay experience for their consumer customers
in the case of RfP functionality, while also helping to eliminate
costly inefficiencies and help address new compliance rules related
to ACH direct debits in the case of Citi Verify.
Both Citi Verify for account validation and RfP for e-bill
distribution/real-time bill payment are offered as optional
services through Present and Pay and require no additional
implementation. Both services are also available on a stand-alone
basis outside of Present and Pay.
In line with Citi’s broader strategy to leverage Fintech
partnerships when appropriate, Citi offers Present and Pay through
fully integrated partnerships with multiple “best in class” billing
service providers (BSPs), including Aliaswire Inc., the first BSP
partner to deploy Request for Pay and Citi Verify services for
Citi’s institutional clients.
“These capabilities are the future of payment processing,” said
Scott Goldthwaite, President of Aliaswire, a Massachusetts-based
payment technology company that equips banks to provide
custom-branded billing and payment capabilities to their commercial
clients. “Aliaswire’s support of Citi’s RfP capability and Citi
Verify represent our strong partnership with Citi and we are proud
to create these new payment capabilities within the Present and Pay
billing platform.”
Citi Present and Pay now offers Citi Verify to allow clients to
seamlessly conduct real-time validation of customer bank account
details to help ensure compliance with the new Web Debit Account
Validation Rule from the National Automated Clearing House
Association (NACHA) requiring institutional billers and other ACH
payment originators to confirm the validity of a payer’s bank
account before using an ACH direct debit to collect the payment.
With this enhancement, clients can now validate their U.S.-based
customers’ bank account information prior to a customer’s enrolment
within Present and Pay and/or before initiating payment
transactions. This helps reduce potential fraud and operational
inefficiencies often associated with ACH direct debits for bill
payment.
In addition, Citi Present and Pay now offers Request for Pay
(RfP) messaging offered through TCH’s RTP network. With this
capability, institutional clients can use RfP messages to send
e-bills to their customers who hold retail bank accounts at Citi
and other banks participating in the RTP network. In addition to
benefits to the biller, RfP capabilities enable consumers to
benefit from the flexibility to pay their bills immediately, at any
time of day, 365 days a year, with greater control over their
finances to help avoid overdraft and late fees.
“As the speed of money movement increases and more and more
consumers move to digital channels to manage their finances,
especially as a result of COVID, we are pleased to offer real-time
payment like RfP and risk-mitigation solutions like Citi Verify to
our institutional clients in the U.S.,” said Alberto Casas, North
America Payments and Receivables Head, Citi Treasury and Trade
Solutions. “Integrating these two capabilities into Present and Pay
makes it easier and more efficient for U.S. billers to leverage
these best-in-class solutions without requiring additional IT
resources for deployment. These are the first of several new
services we plan to add to Present and Pay to help drive a better
bill-pay experience for both Citi clients and their customers.”
For institutional clients, the new billing capabilities
present multiple potential benefits, including:
- Operational Efficiencies
- Adding RfP-driven payments into a biller’s broader payment
strategy, enabling benefits such as easier reconciliation of billed
amounts and payments collected
- Potential reduction of operational exceptions often associated
with ACH direct debits
- With RfP, increased transparency and real-time visibility into
when payments will be settled, reducing service calls that can also
frustrate consumer customers
- Access to Citi Verify real-time account validation helps reduce
unintended payment declines, potential fraudulent transactions and
other exceptions that require manual work to resolve
- Access to Working Capital
- Improved working capital and liquidity management by leveraging
RfP for instant collection of funds on a 24/7 basis
- Making it easier for billers to access Citi Verify to help
address compliance with the new NACHA rule related to ACH direct
debits
For consumers paying bills from their retail bank accounts,
potential benefits include:
- Additional protections against unintended use of their accounts
due to their biller’s use of Citi Verify
- Flexibility: Paying their bills immediately at any time of day,
365 days a year using RfP. Unlike transactions made via ACH or
paper checks, payments tied to RfP messages are designed to be
completed and settled in real-time via the RTP network; with more
control over the timing of each payment made via RfP, including
final say over whether and when to authorize and schedule each
payment
Citi’s Treasury and Trade Solutions (TTS) enables our clients'
success by providing an integrated suite of innovative and tailored
cash management and trade finance services to multinational
corporations, financial institutions and public sector
organizations across the globe. Based on the foundation of the
industry's largest proprietary network with banking licenses in
over 90 countries and globally integrated technology platforms, TTS
continues to lead the way in offering the industry's most
comprehensive range of digitally enabled treasury, trade and
liquidity management solutions.
About Citi
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
wealth management.
Additional information may be found at www.citigroup.com |
Twitter: @Citi | YouTube: www.youtube.com/citi | Facebook:
www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211213005190/en/
Media: Nina Das 212-816-9267 email: nina.das@citi.com
Citigroup (NYSE:C)
Gráfico Histórico do Ativo
De Fev 2024 até Mar 2024
Citigroup (NYSE:C)
Gráfico Histórico do Ativo
De Mar 2023 até Mar 2024