Paymentus to Provide Bill Pay and Money Movement for Citizens Retail Banking Customers

Rhea-AI Summary

Paymentus (NYSE: PAY) has been selected by Citizens Financial Group to offer electronic bill payment and money services for its digital-first retail banking customers. The partnership will utilize Paymentus Bill Center and Paymentus Loan Payments, powered by the Instant Payment Network (IPN). This solution aims to enhance customer experience by providing comprehensive payment options and immediate confirmation. As consumer demand for real-time payments rises, with 89% of consumers seeking more options, this collaboration positions Citizens to meet these expectations effectively, enhancing its digital banking offerings.

Positive

• Partnership with Citizens Financial Group expands Paymentus' market reach.
• Integration of real-time payments enhances customer experience and engagement.
• Paymentus' solutions offer a comprehensive view of bills and financial obligations.

Negative

• None.

REDMOND, Wash.--(BUSINESS WIRE)-- Paymentus (NYSE: PAY), the best in class digital bill pay¹ and money movement provider, today announced that it has been selected by Citizens Financial Group to provide electronic bill payment and money services for its digital-first retail banking customers nationwide. Citizens will deploy Paymentus Bill Center^SM and Paymentus Loan Payments, both powered by the Paymentus Instant Payment Network® (IPN), the industry's first and only unified, real-time digital bill presentment, payment and money movement system.

Paymentus Bill Center provides customers with a 360-degree view across all bills and financial obligations, greater payment choice with debit and credit card payment options, and the ability to receive immediate payment confirmation from the biller.

Paymentus Loan Payments will further expand the comprehensive banking experience for Citizens’ customers, by enabling loan payments through the industry’s leading biller direct electronic bill presentment and payment (EBPP) platform. Paymentus’ solution enables customers to make loan payments using checking/savings, debit card and digital wallets in web, mobile, SMS, IVR, CSR-assisted, chat, and IPN channels.

“Citizens’ recent growth has been fueled by our development of new and innovative solutions to help customers manage their finances in an increasingly fast-paced, digital-first world,” said Beth Johnson, Chief Experience Officer at Citizens. “Customer expectations around payments are rapidly increasing, so integrating real time payments and expanding money movement capabilities within our digital banking platform will help make Citizens the bank of choice for the modern retail bank customer.”

The rise of real-time payments and increasing preference for new and non-traditional payment types such as digital wallets has created greater demands for speed, convenience and optionality. 89% of consumers want more real-time payment options from their digital banking experience², while eight out of 10 consumers want the option of paying bills by credit or debit card³. Citizens can now meet these expectations and deliver a superior experience for its entire customer base.

“The Instant Payment Network and our Bill Center and Loan Payment solutions align the interest of banks and billers, all to better serve the end consumer,” said Dushyant Sharma, Founder and CEO of Paymentus. “Consumers expect to operate in real-time, and value holistic and optimized omnichannel experiences that enable them to efficiently and effectively manage their time, resources, and money. Forward thinking partners like Citizens recognize that providing seamless real-time money movement and bill pay capabilities are essential components to a premier banking experience.”

About Paymentus

Paymentus is a leading provider of cloud-based bill payment technology and solutions for more than 1,700 billers and financial institutions across North America. The company was named the industry’s best-in-class provider of EBPP solutions by Aite-Novarica in February 2022. The Paymentus omni-channel platform provides consumers with easy-to-use, flexible, and secure electronic bill payment experiences through their preferred payment channel and type. Paymentus’ proprietary Instant Payment Network, or IPN, connects IPN partners’ platforms and tens of thousands of billers to Paymentus’ integrated billing, payment, and reconciliation capabilities. For more information, please visit www.paymentus.com.

CATEGORY: CORPORATE NEWS

¹ Aite-Novarica, Aite Matrix: Biller Direct EBPP Solutions, February 2022
² U.S. Bank Bill Pay: It’s Time for Resuscitation, AiteNovarica, November 17, 2021
³ CreditCards.com Payment Methods Statistics

View source version on businesswire.com: https://www.businesswire.com/news/home/20230215005199/en/

Media:

Tony Labriola

media-relations@paymentus.com



Investors:

Paul Seamon

pseamon@paymentus.com

Source: Paymentus

FAQ

What is the partnership between Paymentus and Citizens Financial Group?

Paymentus has partnered with Citizens Financial Group to provide electronic bill payment and money services for its digital-first retail banking customers.

How will Paymentus improve Citizens Financial Group's digital banking experience?

Paymentus will enhance the digital banking experience by offering real-time payment options and a comprehensive view of financial obligations.

What technologies will be used in the Paymentus and Citizens partnership?

The partnership will utilize Paymentus Bill Center and Paymentus Loan Payments, powered by the Instant Payment Network (IPN).

What percentage of consumers want more real-time payment options?

89% of consumers want more real-time payment options from their digital banking experience.

What benefits will Paymentus' solutions provide to Citizens customers?

Paymentus' solutions will provide a 360-degree view of bills, greater payment options, and immediate payment confirmations.