Citi Updates Its Electronic Bill Payment Platform | PYMNTS.com
Citi Treasury and Trade Solutions upgraded its Citi Present and Pay electronic invoice payment platform with new features including Citi Verify, an instant account verification tool, and electronic invoice distribution capabilities via Request for messaging. Pay, The Clearing House’s real-time payment system, according to a Monday (December 13) Press release.
Citi Present and Pay is an omnichannel electronic billing and payment platform that enables institutional clients to send invoices digitally to clients via email, SMS, phone, web, and mobile web. Citi Present and Pay allows collection through ACH, credit and debit cards, and other payment methods, according to the announcement.
Citi Verify for account validation and Request for Pay for electronic invoice distribution and instant invoice payment are optional services through Present and Pay and do not require additional payment. Both services are also available as stand-alone services outside of Present and Pay, according to Citi.
Among the enhancements, Citi Present and Pay offers Citi Verify to enable customers to validate customer bank account details in real time, ensuring compliance with the National Automated Clearing House Association’s Web Debit Account Validation Rule , according to the company.
Immediacy of validation is key, Chuck Moore, vice president of product management at Early Warning Services, told PYMNTS in a recent interview. Moore said the old Treasury banking system needed a transformation into much faster API-based solutions that deliver real-time information.
Read more: New Treasury Banking to-do list: fraud prevention, digital privacy and zero friction
Alberto Casas, Payments and Receivables Manager for North America at Citi Treasury and Trade Solutions, said in Monday’s announcement that the integration of new features into Present and Pay simplifies the invoicing process for issuers of American invoices and does not require any additional IT resources.
“As the speed of the movement of money increases and more consumers turn to digital channels to manage their finances, especially due to COVID, we are happy to offer real-time payment solutions. like RfP and risk mitigation like Citi Verify to our institutional clients in the United States, ”said Casas.