MasterCard Extends Online Bill Payments
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Mastercard International Inc. Tuesday expanded its online services by increasing the number of bills available to be paid online with a new bill presentment service.
MasterCard's new services are designed to allow it to act as a connectivity "hub" for biller service providers and customer service providers, in which billers can send their bills to any MasterCard customer. The bill presentment technology is provided by Just in Time Solutions, which provides the standards-based bill presentment software.
The company said it will provide participant financial institutions with flexible connectivity to process transactions and will not capture or store consumer or biller relationship information. The company does not compete for a participant's consumer demand deposit account base or corporate lockbox clients.
Participants in the program include Princeton e-Com, a biller service provider in the business-to-business markets; Online Resources & Communications Corp., which provides a debit service to pay customers bills automatically and PayMyBills.com, a consumer-based bill payment site.
"MasterCard's solution will meet the needs of both consumers and billers," stated Ruth Ann Marshall, president of MasterCard's North American region. "By incorporating the Open Financial Exchange standard and our existing connectivity, MasterCard and its participants in this program are positioned to deliver nationwide interoperability between all players."