MasterCard International's Remote Payment and Presentment Service (RPPS) is to offer a solution that enables its payments system to carry information linking electronic payments to electronically-presented Open Financial Exchange (OFX) bills.
The new capability closes the payment/presentment information loop, allowing a biller service provider (BSP) to match a payment received from a customer service provider (CSP) via the RPPS system to a previously presented OFX bill, says the company.
The solution includes complete settlement - a critical component that the OFX specifications previously lacked. Additionally, linkage is enabled whether or not the bill was originally presented via the RPPS presentment switch.
Cathleen Conforti, vice president, MasterCard RPPS, says: "We are confident this new enhancement will streamline the process for financial institutions connecting through MasterCard RPPS to multiple customer interfaces, processors and systems integrators."
According to Conforti, all CSPs - including those that do not receive bills through the RPPS presentment switch - can enhance their OFX bill presentment/payment programs by leveraging the connectivity, data-rich format, and rapid settlement capability of the RPPS network.
The offering follows MasterCard's recent adoption of IFX messaging specification to facilitate bill payment connectivity.