BNY Mellon's Treasury Services business introduced several important enhancements to its Electronic Receivable Payment Services (ERPS) product during 2015, and expects to launch additional improvements early in 2016.
Two notable enhancements debuted during 2015:
– Real-Time Notification Services (RTNS). ERPS now provides clients with real-time notification of events that occur as part of client interaction with their Receivable Payment Portal. Examples of real-time notification events include:
- Updating clients billing systems to reflect payments that have been made;
- Customer enrollment/un-enrollment in recurring payments;
- Customer enrollment/un-enrollment in electronic invoicing;
- ACH returns;
- Credit card refunds
– Card Account Updater Service. Account Updater Service is a secure electronic process that provides clients with up-to-date information on their customers’ credit card accounts, including expiration dates, card upgrades, lost/stolen cards, account closures or company mergers. Automatically updating the card holders’ information in the ERPS database, The Account Updater Service can potentially enhance the likelihood of payment processing success (especially for recurring payments); boost customer satisfaction; and reduce payment disruptions.
"Our ERPS product enhancements reflect our commitment to working collaboratively with our clients to develop technologically robust solutions to their electronic bill presentment and receivables processing needs," said Paul Simons, managing director and head of the Supply Chain Product Management Group for BNY Mellon's Treasury Services business.
"An awareness of our clients' priorities, especially as they relate to enhanced data security, faster processing, more extensive reporting, and giving their customers an electronic payment experience as user friendly as possible, continues to drive our product development program. The enhancements scheduled to launch early in 2016 — notably outsourced call center service that is fully Payment Card Industry Data Security Standard (PCI DSS) compliant, and addition of multi-lingual capabilities to our Receivables Payment Portal — will maintain and strengthen our client support momentum," Simons said.
Powered by a fully integrated, end-to-end payment transaction acceptance and management platform, BNY Mellon's Electronic Receivable Payment Services (ERPS) product enables clients to realize the speed and efficiency benefits of processing customer payments electronically.
Leveraging this platform, BNYM's scalable receivable solutions support electronic bill payment, including electronic checks (ACH), and credit/debit card payments. The platform can support payments made via call centers, voice response units, electronic bill presentment and payment, dedicated Web sites, and a variety of mobile applications. Enterprises can use the platform to present bills electronically and receive funds quickly and seamlessly; their customers enjoy the convenience of paying bills electronically as a green, paperless transaction that suits their needs.
All of BNYM's ERPS solutions include on-line client access to the payment platform via browser-based call center software. Clients are also provided with a client-branded Web site hosted by BNYM that customers can use to make electronic payments by electronic checks (ACH) or credit/debit cards. This Receivables Payment Portal provides secure processing of one-time as well as scheduled and recurring payments, and can also support integrated electronic bill presentment and payment services.
With locations on six continents and an extensive global network of correspondent financial institutions, BNY Mellon's Treasury Services group delivers high-quality performance in global payments, trade services and cash management. It helps clients optimize cash flow, manage liquidity and make payments more efficiently around the world in more than 100 countries. Processing payment transactions in over 120 currencies, the company is a top-five participant in both the CHIPS and overall funds transfer markets. The company is also a recognized leader in the delivery of private-label treasury services solutions for banks and other large institutional clients.
+1 212 635 1569