Mastercard, Payrailz partner on real-time bill payment pilot
Payrailz, a digital payments firm that provides solutions to banks and credit unions, has launched a real-time bill payment pilot with Mastercard to support the Mastercard Bill Pay Exchange.
Payrailz will integrate its Smart Payments Platform solution into the Mastercard Bill Pay Exchange to give customers access to bill's from the mobile app or website of their bank or credit union.
Customers can make payments on those bills using traditional bank transfers, cards or through real-time payment transfers.
"Since first announcing Bill Pay Exchange, Mastercard has continued to evolve this digital solution to benefit customers, billers and financial institutions alike," Ronald Schultz, executive vice president, new payment flows, North America at Mastercard, said in a news statement. "With this solution, Payrailz will be able to bring speed, transparency and efficiency to bill payments."