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The existing bill pay process for many organizations is one area that is primed for improvement. Biller desire a bill pay process that is integrated with cash management, has an easy way to quickly resolve customer bill questions, and has protections from the bank when it comes to unauthorized transactions. Bill payers, on the other hand, are looking for a centralized view of bills each month, immediate acknowledgement of payment receipt, notification of upcoming bills and more.

Customer Value Proposition

Biller

Bill Pay capabilities that are offered on the RTP® network can offer better predictability and easy reconciliation to the billers, along with better working capital management and operational efficiencies. In order to achieve these benefits, billers can use the innovation journey laid out in subsequent sections as guidance and work closely with their banking partners to implement Bill Pay functionality on the RTP® network.

This innovation journey provides billers with the foundation to build their own product/service for customers. The worksheets embedded at different stages can be used by different teams within the biller organization throughout the innovation journey.

Financial Institutions

Bill Pay functionality that are offered on the RTP® network can offer benefits for both retail and wholesale financial institution customers (better flexibility, predictability, transparency), and has the potential for financial institutions to offer innovative solutions in the market. Financial institutions can follow the innovation journey laid out in subsequent sections to realize these benefits.

This innovation journey provides financial institutions with a foundation to create or enhance their digital services for retail or corporate customers. The worksheets embedded at different stages can be used by different teams within the financial institution throughout the innovation journey.

Design Thinking Innovation Journey

From identifying the core issue and conducting design thinking workshops to creating prototypes and preparing for pilot, below roadmap gives a snapshot of our journey to date.

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