MasterCard is to use the Interactive Financial Exchange (IFX) messaging specification to facilitate bill payment connectivity for banks using its Remote Payment and Presentment Service (RPPS).
Cathleen Conforti, vice president, MasterCard RPPS, comments: "The MasterCard solution gives IFX participants an efficient, high-performance connectivity tool and immediate access to approximately 95 percent of the EBPP industry's biller service providers through a single connection. Organisations already connected to MasterCard RPPS will be able to leverage their existing infrastructure, greatly reducing development costs and speeding implementation."
Currently, MasterCard RPPS payment files include standard payment information, such as an amount, a name, and an account number. With IFX addenda capability, more information can be included in the file to break the payment down further.
"IFX will provide a powerful tool for capitalising on the capabilities of electronic delivery channels," says Conforti.