BNY Mellon has a strategic partnership with Conduent, Inc., a business process company, whose clients include most Fortune 500 companies in fields including insurance, healthcare, benefits administration, some 500 government entities and transportation. (Among services provided to the latter is billing for state toll systems, such as E-ZPassSM.) Conduent’s solutions touch millions of people daily, including two-thirds of all insured patients in the U.S., 11 million employees who use their HR services, and nearly nine million daily travelers using toll roads. So the reach and scope of this joint venture will be both broad and deep.
We will together provide real-time payment capabilities to Conduent’s clients. In lieu of sending paper bills in the mail, Conduent clients will be able to send secure e-bills to their customers. The customer will receive notification on a digital device of their choice, including mobile phone, and will be able to review the request and authorize payment in seconds through a secure online or mobile banking channel. The partnership will allow clients to receive immediate and irrevocable payment—as opposed to the 24- or 48-hour settlement process via traditional payment options such as ACH, credit cards or paper checks—thus improving cash flow and liquidity and reducing costs.
In addition to customer billing and payment, the technology can be used for making payments to, and receiving payments from, vendors, distributors, and other business entities, all with increased speed, efficiency and convenience.
TransCard is a global fintech leader with an omni channel pay-in/pay-out platform that provides innovative payment solutions for companies and financial institutions to increase efficiency and lower payment costs. Its flexible technology platform automates administrative workflows—interactive messaging, attachments, digital signatures, dynamic ID verification—and relieves regulatory compliance burdens. TransCard’s Open APIs enable quick, easy integrations of robust payment systems.
One of their offerings is a payables solution called Paynuver, which streamlines how companies deliver payments, providing a turnkey solution with easy access to the payees via a secure self-service portal. Through Paynuver, virtual accounts are established for multiple parties on any payment activity. Recipients are able to choose how they want to receive funds, including via Real-time Payments (RTP), instant payments, virtual cards, debit cards, same day ACH and checks.
BNY Mellon and TransCard are partnering to allow TransCard’s clients to add tokenized payments and RTP to the receiving options. As with our effort with Conduent, BNY Mellon’s coupling of the power of these payment options with Conduent’s broad and varied clientele vastly increases the reach of the offerings and should act as a catalyst, speeding the rate of awareness and adoption of RTP.
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