Citi Updates eBill Payment Platform with Account Authentication, Instant Payments

Citi Treasury and Trade Solutions has upgraded its Citi Present and Pay eBill payment platform with new features, including Citi Verify, an instant account verification tool, and e-bill distribution capabilities through Request for Pay messaging, the real-time payment system from The Clearing House, according to a Monday (Dec. 13) press release.

Citi Present and Pay is an omnichannel e-bill and payment platform that allows institutional clients to send bills digitally to customers via email, text, phone, web, and mobile web. Citi Present and Pay enables collection via ACH, credit and debit cards, as well as alternative payment methods, according to the announcement.

Both Citi Verify for account validation and Request for Pay for eBill distribution and instant bill payment are offered as optional services through Present and Pay and do not require any additional installment. Both services are also available as standalone services outside of Present and Pay, according to Citi.

Among the enhancements, Citi Present and Pay offers Citi Verify to allow clients to validate customer bank account details in real-time, which ensures compliance with the Web Debit Account Validation Rule from the National Automated Clearing House Association, 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 that the old treasury banking system is in need of a transformation to a much quicker, API-based solutions deliver real-time insights.

Read more: Treasury Banking’s New To-Do List: Fraud Prevention, Digital Privacy and Zero Friction

Alberto Casas, North America payments and receivables head at Citi Treasury and Trade Solutions, said in the Monday announcement that the integration of new features into Present and Pay simplifies the billing process for U.S. billers and does not require any additional IT resources.

“As the speed of money movement increases and more and more consumers move to digital channels to manage their finances, especially as a result of COVID, we are pleased to offer real-time payment like RfP and risk-mitigation solutions like Citi Verify to our institutional clients in the U.S.,” Casas said.