Gaining a Timely Grip on the New Banking Reality

Human beings are known for a myriad of different things, but most importantly, they are known for getting better on a consistent basis. This tendency to improve, no matter the situation, has fetched us some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which realized all the possibilities for us that nobody could have ever imagined otherwise. Nevertheless, if we take a moment and look up close, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience from every conceivable direction, but even after achieving such a monumental feat, technology will somehow keep on delivering the goods. The same has grown more evident in recent times, and assuming a new fintech-related development makes the desired impact, it will only turn that trend into something much bigger and better moving forward.

Paymentus, a Raymond Washington-based provider of digital bill pay and money movement services, has officially confirmed a strategic collaboration with the Citizens Financial Group to help the latter’s digital-first retail banking customers in accessing electronic bill payment and money services. According to certain reports, the partnership will see Citizens leveraging two main Paymentus solutions i.e. Paymentus Bill Center and Paymentus Loan Payments. Talk about Paymentus Bill Center, it is basically known for allowing the user to access a 360-degree view across all bills and financial obligations. This visibility is further complemented by a broader choice in regards to debit and credit card payment options, and in case the transaction speed happens to be your primary concern, the solution also gives you the avenue to receive immediate payment confirmation from the biller. As for the Paymentus Loan Payments feature, it is well-equipped to enable loan payments through what is an industry-leading  biller direct electronic bill presentment and payment (EBPP) platform. The stated platform is a notable element here, considering it can facilitate the relevant transactions across a wide range of methods, such as checking/savings, debit card and digital wallets in web, mobile, SMS, IVR, CSR-assisted, chat, IPN channels, and more.

“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.”

The move in question provides an interesting follow-up to a discovery, which indicates that almost 89% of consumers want more real-time payment options from their digital banking experience. Apart from it, the discovery also touched on how eight out of 10 consumers want the option of paying bills by credit or debit card. Hence, with more and more organizations trying to gain a grip on the stated new reality, this collaboration makes it possible for Citizens to position itself as a leader for the near future and beyond.

“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,” said Beth Johnson, Chief Experience Officer at Citizens.