Payments

Citi adds account authentication, real time payments to bill-payments platform

December 30, 2021

Citi's Treasury and Trade Solutions has added Citi Verify, an account verification tool and electronic-bill distribution capabilities through Request for Pay to its Present and Pay electronic bill presentment and payment platform, according to a press release.

With these enhancements, clients can deliver a better bill-pay experience with protection against fraud and the ability to pay bills at any time of the day through the RTP network. Other benefits include:

• Citi Verify helps reduce unintended payment declines with real-time account validation.
• Helps reduce operational exceptions with ACH direct debits.
• Offers easier reconciliation of billed amounts and payments collected.
• RfP offers improved transparency and visibility for when payments will be settled.

"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.," Alberto Casas, North America payments and receivables head, Citi Treasury and Trade Solutions, said in the release. "Integrating these two capabilities into Present and Pay makes it easier and more efficient for U.S. billers to leverage these best-in-class solutions without requiring additional IT resources for deployment. These are the first of several new services we plan to add to Present and Pay to help drive a better bill-pay experience for both Citi clients and their customers."