The news: Citi added two capabilities to its digital bill payments platform, Citi Present and Pay, which helps institutional billing clients streamline transactions, per a press release.
Here’s how it works: Present and Pay includes a white-labeled portal where billers can distribute digital invoices by email, SMS/text, voice/phone, and web. Customers can log into the portal to view invoices and make payments with ACH, debit and credit cards, checks, and what Citi calls “alternative payment methods” (APM). Customers can also set up one-time, recurring, or automatic transactions.
Key context: Consumers are embracing digital bill payments: 21.4% of US consumers polled by ACI Worldwide in H1 2021 said they’ve used digital channels to pay their bills more frequently than before the pandemic—up roughly 30% from H2 2020.
The opportunity for billers and consumers: Citi’s enhancements can help billers improve payment collection while giving customers a more efficient way to pay their bills.
What this means for Citi: Verify and RfP help Citi gain new business and solidify client relationships to grow its Treasury and Trade Solutions arm, which in Q3 2021 accounted for a large portion of revenues for its institutional clients sector.
Related content: Check out “The Rise of Real-Time Payments” report to learn about how faster payment systems like the ACH Network are disrupting payment processes in the US.