Citi’s Treasury and Trade Solutions (TTS) division now facilitates digital bill payment for both institutional billers and their consumer customers via the RTP© network, the real-time payment system from The Clearing House (TCH). With this capability, Citi’s institutional clients in the U.S. can send electronic bills (e-bills) via Request for Payment (RfP) messages to retail account holders at Citi and other participating banks. Consumers, meanwhile, benefit from the flexibility to pay their bills immediately, at any time of day, 365 days a year, with greater control over their finances to help avoid overdraft fees. This full end-to-end solution is a first in the U.S., creating benefits for both Citi’s institutional clients and Citi’s consumer customers, while also supporting RfP messages to and from other participating banks within the TCH network.
For institutional billers, RfP capabilities have multiple potential benefits including:
Acceleration of funding of received payments.
Improving straight-through reconciliation and eliminating operational exceptions often associated with ACH direct debits and other traditional payment methods.
Full transparency and real-time visibility into when payments will be settled, helping reduce the need for calls into biller or bank customer service
For Citi retail account holders who opt to receive e-bills via RfP, potential benefits include:
Paying their bills immediately at any time of day, 365 days a year. Unlike for transactions made via ACH or paper checks, payments tied to RfPs by design are completed and settled in real-time via the RTP network.
Full control over the timing of each payment, including final say over whether and when to authorize and schedule each payment.