The Future of Payments

50 BANKING PERSPECTIVES QUARTER 4 2018 RTP at 1: Transactis T THE CLEARING HOUSE’S RTP (Real-Time Payments) network will propel faster payments and bring in the next generation of billing technology. As a provider of integrated electronic billing and payment solutions, Transactis continues to develop its offerings to better serve the market. Transactis is using the RTP network to enhance its products, focused on making the payment experience better for consumers, the businesses they use, and the financial institutions that support them. There are two prominent models people use to pay their bills: biller direct (73%), where a payer goes to a business’ website to make a payment, and bank bill pay (27%), where a person pays bills through online banking sites. 1 Those using the biller direct (BD) model have access to all of the information and data associated with their bill, including amount due, due date, and posting date. All of this information is useful in driving good payment behavior and habits because it offers people more financial understanding and control. On the other hand, BD models do not typically link to the payer’s bank account for validation or identify available funds, which can result in payments being returned for insufficient funds, bank fees, and delayed payment posting. Additionally, the bill payment experience is fragmented because payers must visit the sites of all of their vendors separately to view bills. People who use bank bill pay (BBP) can easily make payments directly from their bank accounts, which reduces friction and the risk of insufficient funds. They are also able to view bills for multiple vendors in one place. However, BBP only includes bills of participating businesses, so the experience is still fragmented for customers. BBP also usually lacks notification features such as new bill messages or due date reminders. A final drawback is that users don’t know when a payment will post, which sets the stage for potential overdrafts. The RTP network launched by The Clearing House has set the stage for solutions providers like Transactis to bridge the gap between these models and add value for consumers regardless of how they pay their bills. As the leading provider of electronic billing and payment solutions that are delivered through the top financial institutions in the U.S., People who use bank bill pay can easily make payments directly from their bank accounts, which reduces friction and the risk of insufficient funds. RTP WILL ALLOW COMPANIES LIKE TRANSACTIS TO DEVELOP BETTER WAYS FOR CUSTOMERS TO PAY BILLS. BILLING TECHNOLOGY: THE NEXT GENERATION BY BILL MORRISON AND LISA GAWLAK, TRANSACT IS