Digital payments company Payrailz is teaming with Mastercard to launch a pilot of the Mastercard Bill Pay Exchange, a real-time payment solution that works directly with digital banking apps, Payrailz said in a press release on Wednesday (Dec. 18).
The goal is to offer users an easy way to view, manage and pay bills. The pilot will integrate the Payrailz Smart Payments Platform with Mastercard Bill Pay Exchange, which will give customers a centralized and streamlined solution to access bills through their bank’s app or website. Billing accounts can be securely linked so that payments can be made through Payrailz.
“The Mastercard Bill Pay Exchange represents a major shift in the way consumers, billers and financial institutions will handle bill payments,” said Fran Duggan, CEO and co-founder of Payrailz.
He added that Payrailz is always looking for improved functionality to upgrade the payments experience. “We are honored to be involved in this initiative, and see this cooperative approach to transforming the bill pay experience as a necessary and timely development.”
Bill Pay Exchange enables users to get bills quickly and view them live on their bank’s app or website. Payment can be handled with cards, real-time payments or bank transfers. Payment confirmation from the biller happens in real time.
“Since first announcing Bill Pay Exchange, Mastercard has continued to evolve this digital solution to benefit consumers, billers and financial institutions alike,” said Ronald Shultz, executive vice president of new payment flows, North America, Mastercard. “With this solution, Payrailz will be able to bring speed, transparency and efficiency to bill payments.”
The Glastonbury, Connecticut startup Payrailz was founded in 2016 by co-founders Fran Duggan, Paul Franko and Rich Pelikan. The company raised $3.5 million in its latest funding round in August of 2018, and also raised $6 million in December of 2017. The company was named one of the “2019 Best Places to Work in FinTech,” a project of SourceMedia and Best Companies Group.
In June, Payrailz announced that it had established status as a third-party service provider to connect financial institution clients into The Clearing House’s RTP network.
