# BNY Mellon’s New Solution Leads the Digital Bill-Pay Revolution Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2021-05-27 Category: FINANCE Category URL: https://financedigest.com/category/finance Meta Title: BNY Mellon Launches Real-Time Digital Bill Pay Solution Meta Description: Transform your billing process with BNY Mellon's innovative e-bill and payment solution, providing real-time payment capabilities for businesses and URL: https://financedigest.com/bny-mellons-new-solution-leads-the-digital-bill-pay-revolutionhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/bill-pay-1736838310700-compressed.jpg) _BNY Mellon is the first bank leveraging the RTP® network to provide corporations_ _with instant digital consumer bill pay service_ BNY Mellon today announced that it has launched a first-of-its-kind real-time electronic bill (e-bill) and payment solution. [Displacing the inefficient and antiquated process](https://www.financedigest.com/can-digital-labour-displace-cfos-in-the-close-process.html "CAN ‘DIGITAL LABOUR’ DISPLACE CFOS IN THE CLOSE PROCESS?") historically used to handle the majority of the 15 billion bills paid in the U.S. annually, this pioneering capability enables U.S. businesses to present digital bills to their consumer clients in real-time and receive instant [payment via the consumers’ preferred online and mobile](https://www.financedigest.com/what-is-the-optimum-mobile-payment-mix.html "What is the optimum mobile payment mix?") banking channels. This transformational solution promises significant change by delivering ubiquitous 24/7/365 [digital capabilities that will improve their end-to-end payment](https://www.financedigest.com/can-i-please-speak-to-someone-why-building-relationships-is-still-crucial-in-digital-payments.html "“Can I please speak to someone?” Why building relationships is still crucial in digital payments") interactions. Businesses can leverage real-time integrated messaging through application programming interfaces (APIs) to provide instant, end-to-end straight through [processing from bill-presentment to payment](https://www.financedigest.com/emvco-streamlines-approval-process-for-mobile-payment-devices.html "EMVCo Streamlines Approval Process for Mobile Payment Devices") to reconciliation. Banks can also leverage this [solution for their own clients via](https://www.financedigest.com/vias-cloud-based-solutions-ensure-painless-office-move-for-insurance-body.html "VIA’S CLOUD-BASED SOLUTIONS ENSURE PAINLESS OFFICE MOVE FOR INSURANCE BODY") BNY Mellon’s white-label offering. These e-bills will be sent over the RTP [® network operated](https://www.financedigest.com/cleareonfiber-networks-acquires-nyc-based-data-center-operations.html "CleareonFiber Networks Acquires NYC-based Data Center Operations") by The Clearing House. The [key advantages for billers include higher](https://www.financedigest.com/digital-sales-transformation-is-key-to-faster-higher-revenue.html "Digital sales transformation is key to faster, higher revenue") straight through processing levels, faster collections, simplified reconciliation, increased transparency and lower costs. Their consumer clients gain greater convenience, transparency and control of their [cash flow](https://www.financedigest.com/how-smes-can-improve-cash-flow.html "How SMEs can improve cash flow"). Additionally, e-bill [technology represents a substantial advance](https://www.financedigest.com/the-bicycle-brake-components-market-to-be-exalted-with-advancements-in-technology-at-a-cagr-of-7-between-2020-2030-2.html "The Bicycle Brake Components Market To Be Exalted With Advancements In Technology At A CAGR Of 7% Between 2020-2030") in efforts to protect the environment, diminishing the negative impacts of paper-based processes. “Innovation in the bill-pay space is long overdue, and BNY Mellon’s e-bill [solution is the transformative technology](https://www.financedigest.com/peppermint-technology-revamps-communications-with-via-voice-solution.html "PEPPERMINT TECHNOLOGY REVAMPS COMMUNICATIONS WITH VIA VOICE SOLUTION") that will drive this change and improve the client experience. Our early-adoption and leadership in real-time payments and comprehensive [digital payables and receivables uniquely positions us to immediately support clients’ digital-billing needs](https://www.financedigest.com/britains-digital-banks-need-support-amid-banking-turmoil-trade-body.html "Britain’s digital banks need support amid banking turmoil – trade body"), providing both e-bill and instantaneous payment capability,” says Mike Bellacosa, Global Head of Payments and Transaction Services for Treasury Services at BNY Mellon. “This comes at a [time when automation](https://www.financedigest.com/make-time-to-reshape-the-finance-function-with-automation-and-machine-learning.html "Make time to reshape the finance function with automation and machine learning") and efficiency are higher priorities than ever for clients and consumers alike. We are thrilled to once again be at the cutting edge of these offerings – and anticipate widespread adoption of this new solution in the [coming](https://www.financedigest.com/the-non-invasive-prenatal-testing-nipt-market-is-estimated-to-witness-stupendous-growth-in-the-years-to-come.html "The Non Invasive Prenatal Testing Nipt Market is estimated to witness stupendous growth in the years to come") months and years.” As it continues to grow in popularity, the solution will be particularly appealing to the businesses where bill volumes are greatest and there is a need to quickly and efficiently issue and collect payments – including utilities, [credit card](https://www.financedigest.com/uk-credit-card-borrowing-rises-by-most-since-2005-boe.html "UK credit card borrowing rises by most since 2005 – BoE") companies, cable, internet, and cell phone providers. More broadly, these capabilities have the potential to disrupt the e-commerce and point-of-sale [experiences in the future](https://www.financedigest.com/metal-powder-market-experience-tremendous-growth-in-near-future-finds-fact-mr.html "Metal Powder Market Experience Tremendous Growth In Near Future, Finds Fact.MR"), as well as the associated interchange expenses incurred by large U.S. billers and merchants. As the originator of [the first ever RTP transaction in 2017](https://www.bnymellon.com/us/en/about-us/newsroom/press-release/bny-mellon-makes-forty-year-leap-into-the-future-of-payments-129910.html), and [the first bank to provide Request for Payment (RFP) messaging capabilities](https://www.bnymellon.com/us/en/about-us/newsroom/press-release/bny-mellon-first-bank-to-offer-request-for-payment-messaging-capabilities-on-the-clearing-house%20percent%2027s-real-time-payments-network-129951.html) in 2018, BNY Mellon is a pioneer in the real-time payments and digital payments space. Leveraging the expanding RTP network-wide infrastructure, the new e-bill offering will [reach millions](https://www.financedigest.com/nucleus-vision-reaches-40-million-fundraising-hard-cap.html "Nucleus Vision Reaches Million Fundraising Hard Cap") of consumers across the U.S. – and BNY Mellon is actively collaborating with multiple billers and [retail banks](https://www.financedigest.com/rethinking-retail-banking-embracing-a-customer-centricvalue-proposition.html "Rethinking retail banking: Embracing a customer-centricvalue proposition") to drive the adoption of this new functionality. [BNY Mellon’s](https://www.financedigest.com/bny-mellon-strengthens-support-for-treasury-services-clients-in-germany-with-appointment-of-gungor-taner.html "BNY MELLON STRENGTHENS SUPPORT FOR TREASURY SERVICES CLIENTS IN GERMANY WITH APPOINTMENT OF GÜNGÖR TANER") production pilots will continue this year, with plans to scale more broadly into 2022. **ABOUT** [BNY MELLON](https://www.financedigest.com/bny-mellon-joins-asian-development-banks-trade-finance-program.html "BNY Mellon joins Asian Development Bank’s Trade Finance Program") BNY Mellon is a global investments company dedicated to helping its clients manage and [service their financial](https://www.financedigest.com/the-future-of-financial-services-tech-evolution-not-revolution.html "The future of financial services: Tech evolution not revolution ") assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and [wealth management](https://www.financedigest.com/analysis-credit-suisse-collapse-threatens-switzerlands-wealth-management-crown.html "Analysis-Credit Suisse collapse threatens Switzerland’s wealth management crown") and investment services in 35 countries. As of March 31, 2021, BNY Mellon had $41.7 trillion in [assets under custody and/or administration, and $2.2 trillion in assets under management](https://www.financedigest.com/asset-managers-on-alert-after-whatsapp-crackdown-on-banks.html "Asset managers on alert after ‘WhatsApp’ crackdown on banks"). BNY Mellon can act as a single point of contact for [clients looking to create](https://www.financedigest.com/digitalisation-why-using-the-opportunity-of-fintechs-can-create-an-innovative-digital-client-experience.html "Digitalisation: why using the opportunity of Fintechs can create an innovative digital client experience"), trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The [Bank](https://www.financedigest.com/post-crash-banking-regulation-is-transforming-the-world-of-corporate-lending-for-the-better.html "Post-crash banking regulation is transforming the world of corporate lending – for the better") of New York Mellon Corporation (NYSE: BK). Additional information is available on [www.bnymellon.com](http://www.bnymellon.com/). Follow us on Twitter @BNYMellon or visit our newsroom at [www.bnymellon.com/newsroom](http://www.bnymellon.com/newsroom) for the latest company news. --- This blog is powered by Superblog. 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