Citi has added the capability for its corporate clients to push credit transactions to consumers through the use of the debit push payment solution, Mastercard Send, delivering transactions typically within seconds. Send joins other payment types like ACH on the treasury platform providing clients with a choice of payments.
What I find intriguing about this is that Citi has been an early adopter of The Clearing House’s RTP network. This highlights the breadth of options and the rich, competitive market that has developed in the U.S. for payments that are faster and always available.
These payment types will likely continue to develop side-by-side, serving specific markets and use cases. Here’s an excerpt from Mastercard’s and Citi’s announcement:
Citi® Payment Exchange provides Citi commercial clients with the ability to send Business-to-Consumer (B2C) payments via their customers’ preferred method of payment. It also incorporates payee enrollment services, a payee database, online payment preference management, an administrative platform, dedicated support, bank-grade data security and storage all in one.
By leveraging various electronic payment options, including ACH and now near real-time payments to debit and prepaid card accounts, organizations can simplify and help reduce payment costs while providing an exceptional and brand building user experience for their clients. In the United States, Mastercard Send reaches virtually all consumer and small business debit cards, delivering a quick and enhanced consumer experience. Consumers won’t need to receive a check in the mail, deposit a check, or share sensitive bank routing information. In addition, they will benefit from near immediate access to funds.
Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group