J.P. Morgan has rolled out a new digital bill payment feature to be announced later today, the company told PYMNTS exclusively.
The feature is powered by Paymentus, which works in cloud-based bill payment technology. Paymentus will enable the bank to provide businesses with a sole platform for customer engagement, bill presentment and payments.
“Our clients expect us to provide modern capabilities and integrated solutions, and with Paymentus, we’re uniting a leading, innovative FinTech platform with the No. 1 payments processing provider in the U.S.,” said J.P. Morgan Global Head of Payments and Commerce Solutions Max Neukirchen in a statement. “Digital Bill Payment will help clients accelerate revenue realization, reduce costs to serve their customers, and improve user satisfaction through convenient and intuitive interactions.”
According to J.P. Morgan, many businesses want “modern and fast integrated receivables capabilities” like digital bill payments. The requests have been bolstered in the past 18 months.
J.P. Morgan has been looking to help clients digitize their entire receivables journey through new innovations like request to pay and other solutions geared toward automation.
Paymentus offers an omnichannel and “highly configurable” solution to give companies the ability to view bills and make payments through web, mobile, kiosk, chatbot, voice assistant, digital wallets and more, J.P. Morgan said. Clients can interact to get remittance data and enhance the way customers can pay when, where and how they want.
Earlier this week, J.P. Morgan announced it has partnered with Interactive Brokers Group for a Request for Payment real-time messaging service.
Request for Payment is a systemic ACH network messaging network that companies can use to get bills digitally to clients.
The addition lets customers authorize deposits from their brokerage accounts and makes it so their mobile banking app can authorize the payment. Then they can start trading at Interactive Brokers.