Inlet, a leading provider of secure electronic delivery solutions for enterprise and middle-market billers, announced it is expanding its bill presentment network to offer clients access to Mastercard Bill Pay Exchange, a new digital solution that helps consumers view, manage, and pay their bills and receive payment confirmation in real time — without leaving their bank’s mobile app or website.
Mastercard Bill Pay Exchange offers substantial benefits to Inlet’s clients, who currently use Inlet’s network to distribute bills to 6,500 financial institutions. Mastercard’s solution enables Inlet clients to reach additional banks, while improving the biller’s customer experience, reducing the cost of mailing paper bills and processing checks. Mastercard Bill Pay Exchange supports a variety of payment options including cards, real-time payments, or electronic payments through Mastercard’s existing network of billers and Mastercard partner banks’ ACH network connections.
As part of its strategy for supporting real-time messaging, Inlet also announced it will test a system for transforming any biller’s invoice and payment data to and from the ISO 20022-compliant message format supported by Mastercard Bill Pay Exchange.
“Mastercard Bill Pay Exchange will deliver compelling new presentment and real-time payment messaging experiences to Inlet’s expanding biller network,” said Christopher Johnson, CEO at Inlet. “Billers who select Inlet to enable Mastercard’s service will benefit from having a partner with expertise in data transformation, bill and invoice delivery, e-presentment and paper suppression.”
“Connecting to Bill Pay Exchange helps bill pay providers streamline account set-up, consolidate bill presentation, expand payment choices and provide real-time payment confirmation,” said Manal Toukan, senior vice president, Product Management, North America, Mastercard. “We are excited to continue to add new partners such as Inlet and provide a simple and seamless bill payment experience to consumers.”
Inlet, a joint venture of Broadridge Financial Solutions (NYSE: BR) and Pitney Bowes (NYSE: PBI), is a leading distributor of electronic bills and statements to online banking providers and other destinations. Based in New York City, Inlet’s network includes 6,500 financial institutions, popular consumer cloud storage destinations, and emerging payment applications. For more information, visit www.inletdigital.com.